@Matthew C. this is definitely a dilema and I'm sorry to hear you're having these challenges. 

This is a big challenge in the MTR space.

Challenges?

Challenges?

In my experience, finding cash-flowing deals on-market can be challenging here (1% rule can be hard to find) but not impossible.

Challenges?

A potential challenge with a HELOCs is they are based on the current appraised value of your home, not the improved value, so you would need to make sure you have enough accessible equity.

Your approach here has definitely given me a lot to think about in terms of spotting hidden value.Curious, with the deferred maintenance challenges you faced, was there anything unexpected that came up during the rehab that you’d approach differently next time?

I don't know if it's true, or a few anecdotal incidences of people having issues with newer homes.

In a city like Philly, you will face many challenges - you need to learn the market and know the neighborhood and the block and make sure all of your numbers are within reason, you need very reliable contractors, you need a to understand the permit process, you need to be familiar with market expectations.