There will always be another place that is better, but if you find a place where the numbers work and the property is good, then buy it.I do not recommend buying in an area you are not familiar with and definitely do not buy a place out of state that requires renos. 

Figure out the scope of the rehab.

I stil think this was the better decision because this property appreciated so much more than if I had invested in another city or out of state where I would have had to put a larger down payment, and not been able to afford as much home.

Depends on the scope of the project  What tax implications should I be aware of when flipping homes?

A few thoughts that might help:Taxes and zoning vary a lot by neighborhood, so checking city assessments and zoning overlays early can prevent surprises.Scope and budget management are crucial right now—materials and labor costs are high, and a vague scope that leads to surprises or a problematic contractor can tank your profit margin fast.Many Philly contractors are sole proprietors juggling multiple jobs - some better than others :-), so clear expectations and a good team really make or break a project.Permits and inspections can add time—something to build into your plan.

For those interested in learning more about why it is so hard for most people to conceive of the incredible pace and march of progress in almost every conceivable area of human life that we can measure for, I encourage you to check out Factfulness and Enlightenment Now.Obviously, not everyone is benefitting proportionately, or at all, from the march of "progress" as we define it in Western Civilization.

You need to find another contractor, reduce the scope of work, or buy some tools and DIY something.

But doing a BRRRR out of state is a lot more complex - you’ll need a rock-solid team, trust in contractors, and be ready for delays, surprises, and scope creep.If your goal is cash flow and building momentum, turnkey rentals in cash-flowing Midwest/Southeast markets might be the better play right now.

Any of us can invest however we want and define success in our terms using whatever metrics we choose. 

Market ContextSeller’s Market: In hot markets with low inventory, staged homes still outperform due to better first impressions and higher perceived value, though non-staged homes may sell under high demand.blog.remax.caBuyer’s Market: Staging is critical to stand out, as competition is higher, and buyers have more options.blog.remax.caNon-Staged Homes: More likely to face challenges in competitive markets, with longer DOM and lower offers due to reduced appeal.kmmrealty.comAnalysis and InsightsWhy Staging Works:Emotional Appeal: Staging creates a “move-in ready” and aspirational atmosphere, helping buyers form an emotional connection, which is critical as 90% of buyers struggle to visualize empty or cluttered spaces.robinrealtygroup.comHighlighting Features: Staging showcases a home’s strengths (e.g., spacious living rooms, modern kitchens) and minimizes flaws, increasing perceived value.kmmrealty.comOnline Presence: In a digital-first market, staged homes with professional photos attract more views and showings, critical for initial buyer engagement.vanderblue.comCost vs.