To me taxes shouldn't be a gray area; either you can or can't (by law) deduct this or that expense.

one of the hottest new colors is Sherwin Williams colonial gray

In fact there is a 8 hour class tomorrow by Robyn Thompson there tomorrow. 

The misconception or gray area comes in when you end up holding a flip house for more than a year (entirely possible for a variety of reasons) I've seen it said here many times that then it would be a "long term capital gain"-NOT SO FAST!!!

The Tax Code and Treasury Regulations leave a lot of issues open for interpretation, which creates lots of gray areas. 

As for UPENN I am not the most familiar with that area but I do know that there is alot of opportunity in the Gray's Ferry area as UPENN plans to extend its campus towards that way.

If you want that much work for $50K you should post your jobs individually on Craigslist and roll the dice in the gray market.  

@Tony Thompson Any updates?

@Hal Thompson brings up a good point, you might be able to refi the remaining loan and assume it at a much more attractive rate, which could make your margin more acceptable for a buy and hold. 

@David Thompson  Yes I appreciate you getting back with me.