So you need to rely on your network of wholesalers, Realtors, investors, marketing efforts etc. to find off-market deals.

It varies each states & sometimes even within cities or municipalities in the same county. 

The expenses seem a bit low, but they just did a lot of capital improvements which may explain that number.As for what to expect in maintenance costs, well that varies of course but nationally for multifamily naahq.org publishes repair/maintenance costs at 3.7% of gross rents.

That's usually something the agent will have in their back pocket in the event the deal dies with the first offer.The response time will vary, some of them are quicker than others- there is no set timeline.

The house you are purchasing is the collateral and they each vary on what they will lend.

I'd hate to rely on finding a note seller at an RE meeting, in fact, it could be the worse place for a newbie to begin, I'm thinking of the investor guy who sold a place and financed it himself, could be scary.

Better yet have a few contractors give you estimates.Or you could buy j scott's book on estimating rehab costs.The main thing is to know what you need done to the property, what rooms, etc and have the contractor give you an estimate.Pricing is all over the place and will vary by contractor.One good rule of thumb I heard brandon say in a podcast was to double your repair estimate and if you still do ok then it's a good buy. 

Rather than relying on the seller's numbers, call the utility companies and see if they'll tell you.

Reports vary about specific timing and to what degree, but a gradual cooling of the market is anticipated sometime this year and through 2016."

It's also important to know when you can serve the Notice to Pay Rent or Quit (or similar notice) too, as it may vary from one jurisdiction to another.