If you dont plan to live there, or own it in an LLC, conventional is the only way to go, FHA wont touch it. 3) Philly is very neighborhood specific, so make sure you know your streets and blocks, because they can go from "A" to "D" within a few blocks.

I feel like getting into your first deal so you can learn from your own mistakes and grow as an investor, is probably more important than hitting a specific CCR or $/Door goal...

For example, if a two bedroom one bath will work you can probably find a four plex that will cash flow in a neighborhood that will work.If you need or desire three bedrooms, two bath, a garage and 2,000 sf it is going to be hard to find an investment property to live in and draw rental income from as well without going into areas where you do not want to raise your children.Feel free to message me if you would like to discuss specific areas and opportunities.

If you could invest a little more cash, that would be the ideal way to go, on this specific deal, in my opinion.

Specifically in creating a proforma to determine which of the available size and construction options makes to most sense from a risk/return perspective.

What specific questions do you have about "how things work"?

I know this because I graduated from there.Let me know if you need help with any specific areas.

I'd recommend taking some time to educate yourself on the specific area you are interested in and the particulars about how foreclosures work before deploying any capital or trying to do a deal.

They've listed it now at the flip price.Just to iron out the specifics.

talk to a lender about the underwriting before you buy the house. so you know what to expect the whole way along. if you use a fannie loan, it'll be 75% ARV yes you'll need a good credit score, exact requirements will vary by lender.all banks are different, you can't get a specific answer to a general question. you must ask the lender you're going to use what their process and requirements looks like.