By multi-family, I'm referring more to duplexes, triplexes and fourplexes, as opposed to larger apartment-style propertiesMy understanding is that 8-12% cash on cash is considered standard or good, but is this more for SF or MF, or does it include both?

You're going to discover a lot more damage inside, a lot more cleaning than you expected, he won't repair the latest broken window or the three before that, and he probably won't even be out by the scheduled moving date.

For what its worth most deals I deem meeting minimal IRR standards is 13-15% but you have to dig a little deeper to uncover the real placements of cashflows and capitalization events... and then dig even deeper to verify the assumptions such as occupancy, rent increases per year, and what reversion cap rate was used.Again I don't look for IRR cause its manipulated a lot instead I look at total return on a 5 year basis.

Hopefully your credit is doing ok, if not that's probably step 1. 5 years + 2 years = 7 years = there's a good chance debts owed prior to incarceration may have fallen off entirely, meaning you might have "thin" credit rather than "bad" credit, in which case you can just google "how to establish credit" for guidance there, going from "thin" to "established" can happen pretty quick.Two years of employment history is a fairly standard requirement.

It all seems pretty standard, but he's adding a clause about tenants being required to pay for all repairs under $100, regardless of what the repair is.

This appears to be a standard requirement for lenders. 

I got a lawyer and we discovered there was no legal transfer of my contract.

The goal is to supplement retirement income, have fun, and leave our kids something besides an unpaid Discover bill.

I recently discovered how profitable certain real estate strategies can be, in part thanks to my old roommate, @Avery Heilbron, who's currently running a successful househack in the Boston area, and recommended joining this community.My current househack plan is to purchase a near turnkey SFH 3 BR in Northern Point Breeze under $300k with an FHA loan and 3.5% down, and then rent out two rooms to friends which hopefully more than covers the mortgage and live in the third, managing the property.I have no experience but have begun educating myself through seminars, blogs, and podcasts.

Remember once a defect is discovered in most states it has to be disclosed to future buyers.