So in my mind you've got to evaluate these kinds of investments along side other opportunities to invest in companies, either as angel, start up, early investor, or limited partner.  

I have created, but still need to hone, my business plan.I am on a positive path towards a first deal after finding a contractor for my team, one who is interested in the flip model as a way to build his business along side my investment company.

Some MF groups are bringing their own equity into the game but they co-invest alongside the LPs i.e.

Investors co-own the portfolios with the managers and they profit alongside me.  

Run a mortgage calculator along side a HELOC calculator for the same dollar amount.

I would suggest obtaining a good map of Philadelphia neighborhoods and having it handy when you out scouting neighborhoods.Yes, still imo, the better part(most profitable) of Overbrook is alongside of Wynnefield.

With that being said it has had its fair share of crime and violence alongside renters who lack pride in their neighborhood.

I know how amazing it is when someone comes alongside you.

If you can provide deals you will be able to draw in a capital partner to work with.You provide the deal to a more experienced investor, share in the profits, and work along side the rehabber and learn the business.  

Basically this is to get my feet wet and experiment a little in real estate alongside purchasing a property for our future.Please feel free to pick apart my thinking, I've never done this before and I welcome constructive feedback no matter how scathing!