Define "multi-family"??  

I don't see you railing against all the people that come up with crap rates by defining NOI as 50% of gross rents which is suspiciously pretty much a GRM (if ALL properties have the same expenses why do this extra step?) 

Or what other questions do I need to define to help me further my criteria?

In this business, you make your money on the acquisition with a pre-defined exit strategy in place and you realize a paycheck upon the successful completion of that exit strategy. 

They will help you define your target market.

i definately have a lot to learn but I am very excited for the opportunity!!!

But your right, this is definately the top of the market right now.

Since the grand majority of people are likely going to exceed their defined timeline (which you say is 5-6) months, you'd already be out a significant amount of cash by the time the flip was said and done. 

definately counter back to him and let us know how it goes.  

@JP Larcheveque it is defined by the SEC: http://www.investor.gov/news-alerts/investor-bulletins/investor-bulletin-accredited-investors