Within Philadelphia, a two-family home at 123 Main Street, unit A completely gutted, renovated, zero lead-paint within the unit and unit B still having positive components of lead-paint, unit A would not be considered Lead-Free because it is a part of the structural being of unit B.

Light renovation needed, 3 bed 1.5 bath.

@Kiryl Ulanovich,You're on the right track:Get Pre-Approval from Hard Money Lender – Know your terms and limits upfront.Find a Deal Through a Wholesaler – Verify numbers and ensure it meets your criteria.Review the Assignment of Contract – Confirm terms, earnest money, and contingencies.Conduct Due Diligence – This includes an inspection (if allowed), verifying ARV, and rehab estimates.Submit to Hard Money Lender for Final Approval – Lender will review title, contract, and property condition.Title Search & Clear Any Issues – Ensure a clean title before closing.Close Through Title Company – Finalize funding and take ownership.Consider also lining up contractors early for a smooth transition into renovations.

We change the order from time to time, etc but no new full set of pics UNLESS there is a design refresh, or renovation of some sort. 

Purchase properties at a discount that need renovation work to then sell at a higher price profiting at least 15%+ cash on cash returns of all in costs each deal.What is the outcome?

I am currently in the Process of renovating my primary home.

Start by formalizing a lease agreement, evaluating potential renovations to maximize rental income, and deciding on a rental strategy (short-term or long-term).

So it does appear to be possible to get an FHA 203k loan for a 5-unit & convert to a 4-unit.When possible, aim for the Limited (aka Streamline) 203k loan, as it's less complex, not required to get an FHA consultant, etc.Of course, this is based of the two following important assumptions:1)  zoning allows for this2)  and obviously I owner occupy for at least 12 months3)  the total purchase price + renovations are within the FHA loan limits specific to my areaWhat I'm confused about is the timeline or chronological order of the process? 

Each property is unique, requiring specific renovations and compliance with local regulations.

@Thomas FarrellRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?