Proper landlording in Phila is pretty intense.  

The home's value would be exhausted after 7 years in assisted living, faster if more intensive care services are needed.

On top of that, a 2 unit is going to be less management intensive which will be a little less stressful in the beginning.

If not, I would start with a strategy of doing a series of progressively more intense rehabs and then, finally, do a tear down and simply single-family home with a GC.

Now, that's in CO, not AZ, but it is still pretty intense that they would automatically label them labs.

It's very common for businesses to be very labor intensive when you first start out while earning very meager revenues.

I looked at a few franchises that do this.. pretty capital intensive .. 

While this asset class is much more focus and labor intensive than multifamily apartments, it can be that much more rewarding when done properly.

Finding deals can indeed be tough amidst such intense competition.One strategy that has proven effective is establishing relationships with local real estate agents or networking within real estate investment groups.

Yes its cheap, compared to other cities, but its very Cash Intensive, banks are not going to do you any favors.