Philadelphia Rental - Purchase and Licensing questions

[Lewis Colon]

I am looking into my first property in Philadelphia. It's a duplex being auctioned at a Sheriff Sale. Its in foreclosure and starting at a great price. I know it can get bid up and have worked on calculations to see how much it would be worth to spend on it.

That being said in relation to paying for the property. They want 10% down and 30 days to pay the rest. If I cannot find full private funding by the auction date. Would a hard money lender lend on a property of that nature? (I have not reached out to one yet as I am looking to raise the capital in another way.)

Nonetheless I have a goal of renting the place and the county has requirements that need to be completed before being allowed to rent it out.

For example: "Housing Rental Licenses are required for any type of housing rentals. Prior to getting this license, applicants should obtain a Commercial Activity License, Business Tax Account Number, Federal Tax Identification Number or Social Security Number (for individuals), and Zoning Approval (for two or more units). Licenses cost $50/unit and must be renewed annually."

Source: https://www.phila.gov/li/pages/tenantlandlord.aspx

As this will be my first rental I am unsure when I need to complete the paperwork. Would I need to wait until I own the property or is this something that I can do ahead of time. I was thinking of whether I should create an LLC first and have that own the property. That being said I will need to research whether the LLC can buy properties at auction or if I need to do that in my name.

So I’m looking to hit the ground running and finding out there are still a lot of things I do not know. Any advise BP community would be appreciated!