Even in philly in D class area it is tough to hit the 1% rule.

Whie DOS lender risk may or may not be high, being ininsured is... well, enjoy your 'asset protection'.

So we don't even have an approved inspection much less a lease with this potential tenant.

I would send them a bill now, not 30 days from now, outlining the charges, even if they are just estimates.

Price to rent ratios have skyrocketed everywhere and it's pretty unlikely rent will ever get to a point where it evens back out because at those levels it's just as cheap/cheaper to buy (not to mention most renters can't afford anything like that). 

(Even went beyond the second page of Google.)I have an investor who wants to partner on a deal by providing a loan for the down payment.

Some thoughts that go through my head......Who do you contact to get current values, after renovation values to see if this process is even worth it? 

That said, the other agent and I frequently reduce our commissions on these deals to make them work and, even if the agents don't, the seller would still be getting around 3% at closing with a 10% down payment which, to me, could be a win-win depending on their situation.  

This experience proves that even with challenges, strategic renovations and persistence can lead to a profitable outcome.

I was sent an offering memo by a broker selling a multi-family building in an area no reasonable person would even consider affordable housing material yet the marketing materials made a point of emphasis to detail how the property would satisfy the need for affordable housing.