Lets take a look at the property, please PM me the address and I can help determine if it is FHA approved.

Big fear is determining the ARV incorrectly and making a bad deal.

I have a house in New Orleans that I’m trying to determine if I should sell or rent.

That is the only way you can really determine the cost and time.I hope this helps.  

It’s a local thing but typically you pay property taxes based on the local taxing authority’s determination of Market Value....not based on sales price, particularly between family members at a reduced price.

Once you’ve found the multi-family property you’d like to purchase, you can begin the loan application process to determine which type of private money loan program is right for you.In the world of private money lending, there are several loan programs for multi-family properties, including multi-family bridge loans and NO-DOC multi-family loans.

I've been running with anywhere from 8-12% when determining cash flow but I'd just like to make sure I'm not way off base here.Thanks in advance for any info!

Perhaps some analysis of your target tenant(s) will help determine areas of interest.   

If not, this should be done to determine if cleanup is required.

BP has various calculators to help determine cash flow and return.