It’s a good plan, to me at least.

Maybe not the easiest deal but with the best upside.Philly needs jobs, attracting tech jobs should be a plan.

If it’s 4 units you’d always want the residential loan with the 30 year fixed rate, especially if you plan to live there.

You can use HML don't get me wrong but if you just put a little bit effort in to pre-planning and getting all your ducks in a row then going with a traditional community bank would be a better option not only for your current new construction needs but also for future acquisitions.

Also ask, when you submit the plans does the city give a hard time on all the stuff or just a couple things. 

I was planning to send letters explaining the higher cost in taxes, market rents in the area, and then offer a gradual raise to meet in the middle somewhere.

I have met a few folks recently who are active in that market and I am planning on following up and seeing what their experience has been.

So this requires some upfront planning. 

Then plan a date to actively start looking to buy.

Quote from @Fulati Paerhati: I am selling one property and planning to do a 1031 exchange.