A $60K down payment will get you a $300K property (assuming your income is high enough and debt low enough to qualify for a $240K mortgage).

We are looking for low maintenance (so primarily new construction or >2000 and well maintained/rennovated) single family homes.

I wouldn’t move into the house because I currently own in a better neighborhood close by.Have they made it easier to get heloc’s for investment properties.

His credit score is fine but his income is showing too low to get the loan, so I though maybe I could use my HELOC to make the purchase and do a Lease to Own.

Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620 (approaching 22% probability of default), many blemishes, but should have no evictions in last 2 years.

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. 

Hi Daniel, condos can be a great low-maintenance option for LTRs, especially for absentee landlords since the HOA handles exterior upkeep.

I want a real estate agent with a hustler's mentality, who knows the neighborhoods, studies appreciation and deal analysis already, understands short-term rentals, and is potentially looking to be a scalable partner with me.

However, I like that there isn't a lot of work to do and I could still make the property really cute with not much risk.Inventory is so low.

The only place this would appear to make sense is in Class D neighborhoods which could cash flow.You have rights to income but nothing else - sounds like an unsecured note at the end of the day.Chris you make good points.