My husband and I are Teachers and Nurses but dream of supplementing our W2 jobs with passive/investment income. Fell into a short term vacation property and can't wait to do more investments! We are interested in buyi...

You have to be ready to make 3-6 months of payments on the mortgage yourself after they stop while you try to foreclose/evict them.

I figured this could possibly put me in a good position for a cash-out refinance when I’m ready to move on to a second property.If I stick within my budget, Philadelphia seems to offer the most housing availability, but I’m concerned about most houses available being in rougher neighborhoods.

Than learn with that safety net until your ready to take things back over to self-manage again. 

Quote from @Aaron Letzeiser: REVISED CODE@Aaron LetzeiserI was hoping to work with Obie, but on the last page before signing the documents, I came across this disclaimer, which made me rethink my decision. 

Made it back to Belize.  

Honestly, I've given up on finding cashflow anywhere close to the city due to rates and prices, BUT some other opportunities you may want to consider are:Live in flip - mentioned earlier in this thread, always a solid option in any market.Condo conversions - good money to be made from this and since they're a little trickier than a traditional flip there tends to be more inventory available that would allow for a profit.ADUs - come February 2nd, ADUs are allowed BY RIGHT on any SF property in the state, owner occupied or not.

So if you were netting the $300/month - your PM just made over 73% of your profit off of your unit for the year.

He likely needs to stay where he is, save up money for a downpayment on his own, and buy when HE is ready.He's not ready. 

We both have good credit but my lender made it seem like there was no getting around putting less than 25% down on an investment property.