Philly has a ton of opportunity, but since you are new to the area, I would suggest waiting six months before you buy anything there so you can really understand the block construction of the area.

We are looking to eventually relocate to the States"--that's great, a lot of people want to invest remotely in a totally random market and never go to it.  

It is not clear to my what you waht from your post.You raised 4M in 2 months. 

Purchase price: $490,000 This is a unique opportunity to participate as a investor in a single family residence valued at $3M and higher.

I'm looking at monthly cost to seller vs. anticipated rental income, purchase price relevant to the ARV of the area and interest rate, balloon, etc.

@Ryan Daulton So, you want to believe in fairy tales and challenge us to prove them wrong?

If I were you keeping the property as 4 units and renting out bonus unit under the radar may be your best option especially if you plan to refi or do HELOC while occupying. 

Some lenders will not accept appraisals that were ordered by another lender or are beyond xx months old.

This took under two months to get rent ready and should cashflow about $500+ each month.

I am being charged $225 a month in interest on my loan to AHP.