I'd be looking at multiple structures. we try to build below the average new build cost in our market in Columbus Ohio which is 515,000 last year and we target land 40-50k and urban core adjacent where we get higher price per square foot. we build for clients with margin around $190 a sq ft depending on multi or single. we can get that down in our triplex it's a little higher on our single family homes because of garages and limited economies of scale. hope that helps. idk Philly but if you show me the area and styles of homes I can give you some more insights. 

Getting the system/team in place will be key once you start to scale with STR in your market.

I even identified a viable property to do this already, but may not have my ducks in line yet to execute with a group.If I can get a fund going, I plan to scale it and do more of these projects since I have the blue print to do this over and over, but just need cash.

Adding 13 units has economy is scale.  

For me, it’s all about scaling, so multifamily properties are where my focus stays.

We have a scale for investors that have more than one property. 

But since you will be able to finance with LTVs, potentially higher leverage may be used and can scale the portfolio faster with the right strategy. 

Hi David, If building long-term equity and scaling quickly are priorities, then option 2 aligns better for you. 

Your project may not have enough meat in the bone for syndication but if it scales, why now explore.Caveat: each avenue comes with its pros and cons.

We are not large scale but we do own properties in multiple states and are aware of the limitation of a subjective line like "should have rented in a hot market".