I have been looking into the South Philadelphia market as the area is expecting the Bellwether District, a megadevelopment of industrial and life-science buildings, to be delivered in phases over the next dacade.

She better make a lot of money or marry someone rich because she has some unrealistic expectations. 

think about how long it will take to recoup all the costs i just mentioned.if you want day 1 cash flow... open a savings account.i say this not to discourage you but to help set expectations.

You should not expect things to go smoothly.

Make sure to research local rates for cohosting and management services to stay competitive.If you're doing this as a side gig or part-time job, it’s essential to time block, create systems, set expectations with property owners, and establish boundaries to ensure a smooth experience for everyone involved.We opted not to pursue rental arbitrage for two key reasons: dealing with landlords and the significant upfront costs to set up and run a profitable STR without the benefit of property ownership.

Now with scope creep anytime you open a wall expect its going to cost more. if you are doing paint and carpet that is one thing but the moment you start renovating bathrooms etc. expect the cost to increase as you do not know what is behind those walls.

--------------------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.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 Class A property in Class D area, what quality of tenant will you get?

Vetting tenants is essentially the same as regular tenants, but expect lower credit scrores, bankruptcies, etc.  

Both figures were 0.1% above expectations.

You will be dealing with an older housing stock, so higher deferred maintenance and capex should be expected.