They are basically god forever unless the property gets a vacant house notice from the city or major permitted repairs are done.

Being remote, I'm not looking to do major rehab for my first deal because I'm still building my network "on the ground" and it feels a little overwhelming, but I am willing to do some cosmetic items to attract the right renters.

What im looking for is an industry standard or guide for multi family unit's net profit after all expenses including debt services.

There are huge economies of scale when it comes to parking so not every "major" company is in every geography.  

This is my absolute emergency fund...hope to never need it to pay for a major repair....I use about $10k to $20k of this to do some high probability options trading.

I already know the taxes for both properties and I have called the utility companies to get a round about number for utilities, but I wasn't sure if there is a specific document that may give me a comprehensive overview of the profits and losses for the current owner. 

People act like it's some major legal issue.

So if the mortgage balance is $120,000 but FEMA only pays $30,000 and there is no flood insurance (as the majority of homes did not have) but the repairs are in the $70,000 range, then it will have to go to short sale or foreclosure correct?  

You should look at:The Best Types of Markets for Profitable Turnkey PropertiesandWhat to Ask When Working With a Turnkey Provider

., so far below fair market price at retail that the repairs can be covered as well as your profit and the flipper's profit in its eventual retail sale -- or 'buy-and-hold-to-rent-out'er's profit before they would expect to get it rented -- plus the title search, closing, and any tax costs related to your purchase from the seller (usually split somehow) - and finally, the title search, closing, and any tax cost split with whoever buys it from you.Now, that someone could be you (you do trust you and your repair-estimate abilities, don't you?)