If you are new to the business the most common issue is you're either locking up deals too high or you aren't finding attractive deals.

Class A- Brand New buildings with lots of amenities, good infrastructure & locationClass B- Building are usually older; priced less than Class A & need some updates/restorationClass C- Oldest buildings (20+ years); need significant maintenance; less attractive locationsWhere things become subjective is an older building located in a neighborhood that's changing for the better. 

Address Your Financial ProfileBridge the Revenue Gap: Highlight your equity in the duplex and use your sale proceeds to demonstrate “skin in the game.”Partner to Compensate Experience: A financially strong and experienced partner can help offset your limited track record.Focus on the Land Deal: Secure the land at a good price, as it’s a crucial step in gaining credibility and attracting partners.Final ThoughtsYou’re entering an exciting and impactful space in real estate development.

Spend what’s needed to upgrade with reliable mechanical systems, roof that doesn’t leak, remediate all mold; interior design modernized; in other words a place that will attract a higher income no hassle tenant.  

In my situation if I’m earning $18,000 in cash flow from a property my tax benefits are offsetting at least that amount and I’m still paying $0 in taxes so the real estate scenario is attractive to me.

As mentioned by @Chris Mason, Bridge Loans: These short-term loans can provide immediate financing until more traditional financing becomes available or until the property stabilizes and becomes more attractive to lenders.Interest rates and stipulations may be a pain.Out of the box here and requires a few more research, SBA Loans: Small Business Administration loans can be an option, especially the SBA 7(a) loan program, which can be used for hotel acquisitions.I heard someone  mention - Mezzanine Financing: it involves a combination of debt and equity financing, which might appeal to some investors looking for higher returns.

PMs can minimize their suffering from unrealistic expectations by showing comparable properties that are on the market for rent and having a discussion with the landlord as to how their property compares and how his property can be more attractive to renters.Landlords are running a business. 

They also normally attract really good tenants. 

It always sounds attractive. $300 a month for leads?

This is where I would focus, as these are the same attributes that attracted those responsible for the larger projects like the Bellweather District you mentioned in your initial post.With your budget I would recommend NW Philadelphia (Germantown and Mount Airy in particular).