We have agreed on a buyout price of $100K (initial investment) but he also wants me to pay all closing costs which was quoted $22K - That seems really high so seeing if this is accurate?

When you start leveraging 90%+ especially with today's higher rates and the high cost of multifamily's compared to their rents, the numbers turn upside down real quick.

I highly recommend you join up!

You mention it is a high appreciating market, since when?

Originally posted by @Dan Ashley:Thanks all for the great replies,To try to sum up what everybody has said so far:• Seems like the majority here recommend looking outside my general area since the prices are so high and I could get a better deal. 

Currently, I have a homestead on my property so my taxes are not too high.

So, this is why your lawyer may have estimated high.

Investing in multifamily properties in Philadelphia is popular due to the city's steady population growth, job opportunities, relatively affordable property values, and solid rental demandPhiladelphia’s multifamily market offers a range of opportunities, from high-end neighborhoods to up-and-coming areas with great cash flow potential.

@Joe FergusonThe 30-acre land parcel with subdivision potential offers owner financing, high ROI, and flexibility, but requires substantial capital, time, and expertise.

Research high-rental areas, plan for repairs, and consider simple upgrades.