Fast-forward one month to today, I still have heard no word from Philadelphia L&I (even after calling/e-mailing) and I'm ready to start renting it out, but one problem:"The Philadelphia Property Maintenance Code (Section PM-102.6.4) requires an owner offering residential property for rent to provide the following to the tenant at the inception of each tenancy:A Certificate of Rental Suitability issued by the Department of Licenses and Inspections no more than sixty (60) days prior to the inception of the tenancy.A copy of the “City of Philadelphia Partners for Good Housing” brochure issued by the Department of Licenses and Inspections....."

To give more content the side I'm currently in I've been renovating ( brand new everything) and once I finish in about 2-3 Months will be for rent for about $400 more than what they are paying now. 

If the rental is passive, you can probably muddle through Schedule E on your own.

I think your criteria is a little tight, I won’t speak for every market, but only buying brand new construction limits you quite a bit.

Also IRS may not allow to convert the passive income to the Active income just transferring the rental Income from Schedule E to Schedule C, you'd better to have a LLC as the management.

Brand new to real estate.

I did an LLC so I could build a brand - it's to limit your liability, it's really up to you.

Valuation for Property Management 3X to 5X Seller Discretionary Earnings or 1X to 1.5X Annual Revenue, depending on how well established the brand and reputation is in the market, market share, number of units, scalability, etc...Transaction Structure, never buy a Property Management business for cash,  you must include an earn-out structure or provision to protect the purchase against clients/property owners leaving post-transaction.  

But obviously your brand new home wouldn't have that problem.

I got my tax return, schedule E and my property due to depreciation, took a loss.