States like NY, CA, NJ, CT, MD, and a few others are states that do not offer a great REI profit if you’re looking to be on a budget.Regardless of budget it still makes more sense to spend less to make the same cash flow.

The area does not have explicit rules on STRs so its a gamble with that strategy.

I just got a duplex with tenants in it, one was M2M paying way lower than market rent but she was a 2 year tenant with a good record, I just renewed her lease increasing little to a number that works but still below market rent, the positve note is that she is paying on time and I didn't have to spend money in the property, the other tenant renewed a lease with us and paying close to MR, at the end of the day you need to do your due diligence and make sure the numbers work.Same question for people who have bought properties without tenants already there?  

It would be good for you to meet a wide variety of people with disabilities and spend time with them.

Where do buyers spend time? 

Its a gamble to go the permit route or not in Philly and absolutely matters the neighborhood/your neighbors as they are usually the folks that will call L&I on you OR if your property is near other construction sites where inspectors would be traveling to/from.

At least part of the $2,000 or so I’d be spending would go towards myself.

Focusing just on appreciation causes people to take on negative cashflow situations, gambling that the market will eventually save them before they run out of cash.

It depends on how much you're willing to spend.

Be wary of high spend/volume minimums if that doesn't fit your needs.