This ensures that any payout for damage or liability can be processed more smoothly, and it can help protect your interests if something happens on the property. 

-Up to March 2024 we were operating as an LLC, but we closed it in 2024, so previous years we were not filling SCH E instead we were issuing to ourselves K1s.

In Pittsburgh, where I live and operate, this would be a two to three-month process in front of almost all out local district magistrates.

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. 

Also, hard money lenders want a scope of work filled out prior to funding the deal so this is a good little hack to get one as well. 

What's the process & requirements (e.g. copy of lease agreement) for getting one and would the MTR tenant need to arrive early enough on check-in day to get to the municipal building that probably closes at 4 or 5 PM?

If I'm wrong in my thought process like others I'm here to hear the best advice for all of us :) 

The following is the thought process on a house we looked at in Italy over Xmas.  

My suggestions would be in this order:(a) Determine the type of financing you qualify for - this will short cut the process considerably and save time on investment angles and next steps.

I have actually done this and can say that it is a pretty complex process with many rules.