The other owners have not managed to reach her (nor her friend) although they would all want to sell their parts as well which is pretty impossible in the current situation.The owner of this "problematic part" also would want to sell but of course she can't do so in the current situation.I was talking to the bank's debt enforcer (pardon my English, I might be not always using the proper terms) and was told that they already got an evaluation of the worth of this property because soon it will be put to auction.

They are one step removed from the deal though, and the details can be harder to evaluate. 

When I asked the broker where the 8 CAP came from, she said it was based off projected NOI.I’ve always evaluated any property or business off actuals, not projected.

The thing I don't like about this deal is the pro-forma evaluation.

We are trying to evaluate the prices on these properties and it seems they are super high, everywhere!

On the one hand, you want the Tenants to be happy, but on the other hand, you don't want to go down the rabbit hole of useless repairs.My suggestion would be to get the "wish list" of items that the Tenant would like fixed and evaluate every 6-12 months. 

I am also incredibly conservative when I run the numbers to evaluate a deal.

With my interests being fix and flips and single and multi family rental properties, what terms, rules, and formulas should I familiarize myself with so that I can evaluate the potential of properties I’m interested in?

If organizations are smart -- they'll evaluate key roles and determine where this person needs to be objectively, and then let the candidate of choice decide, a perk that they could offer over other organizations.

I would say evaluating property taxes before purchase in my area Mello Roos is a big deal and can make property prices seem artificially low.