We were 22 year old kids trying to make rent money. 

Sometimes the smaller units where regime fees include cable, water etc... are a good money maker.

Our state law makers have not significantly changed the terms of AP in the civil code in quite some time.  

When the maker cools, exchange or refi, bring funds back to Cali and do the same thing.

Not a great money maker, but my patience saw a slow turn around!

These guys are not players they are market makers.  

Not to crush your plans, but I worked in vibrational analysis for 5 years, sound has two characteristics that suck 1) they flow though both solid items and the air, and it is the connection between the solid items and the transition between solid items and the air that makes the difference in amplitude at the receiving end (so the way your joists and framing is connected to each other makes a major difference, that is also why drapes make a quieter room!).

I feel like I got a good deal and this should be a money maker over time, especially considering the rising values in South Philly in the last 10 years or so.  

I understand "Make-rent-ready costs are not deductible."

I will have to look a little further away, and I am considering the fact a property in Chicago would be a schlepp, whereas an apartment near to where I am in the town would be manageable myself (my wife is also a home maker and so she would prolly try it out before resorting to a PM).I like the math working out where if you have to go to a PM worse-case, the math still endures.