@Mike Sands Well if you bought it for $9k and its a wreck then there's not lender that will touch it. 

Right now my partner and I are building our team and putting in some time in the streets learning neighborhoods, driving for dollars and networking with anyone we can get in touch with.

That is a profit center that no one else would be able to touch, so it'll work even if they lose money on the mortgages themselves.

I think newer investors should use direct mail as a way of learning the game before they invest money on the other techniques that get you in touch with sellers more directly.

If you dont plan to live there, or own it in an LLC, conventional is the only way to go, FHA wont touch it. 3) Philly is very neighborhood specific, so make sure you know your streets and blocks, because they can go from "A" to "D" within a few blocks.

@Jordan Moorhead ok. got's ya. thanks for the offer- I will keep in touch while i'm there. 

You made an offer without touching the building or walking the parking lot?   

At this point looking to invest out of state and recently got in touch with Norada and had a counselling session with one of their advisors.

Don't underestimate the costs for the ROW permit and public improvements - you'll be obligated to do everything your property touches and bring it to conform to current standards, including alley if it's on one.Fire and sound separation codes are much stricter now than when much of our local apartment stock was built, so that's another thing to watch out for.

Thank you again i will be in touch for sure.