@Derrick Umphlett you’ve got the right idea but as @Greg Dickerson and @christoper hunter mentioned there’s some fundamentals that you’re going to need to establish that will bring legitimacy and value to a deal.

Sounds like you guys have all of the market fundamentals down to a "T".

You will learn all of the important fundamentals of owning a rental property such as tenant screening, landlord-tenant law, make readies, renovations, maintenance, customer relations, insurance, property taxes, fundamental contracts, and paperwork.Intermediate Stage:After acquiring several more units, you more or less have everything under control.

Don't get me wrong; there are plenty of issues/problems/quirks that old houses have that new houses don't, and an old house can obviously have hidden problems and big repair/maintenance bills too--which is why thorough due diligence is fundamental to REI...but, the point is: a brand new house is not a foolproof solution to repairs/maintenance headaches (and in some cases, a brand new house can be a much bigger gamble than an older house).This is a particularly important lesson for inexperienced investors, who tend to be the most prone to "shiny object syndrome" (the tendency to let nice aesthetics distract from real, underlying issues).

We are focusing on Phoenix due to the perceived strong fundamentals, diversified economy and relative affordability to purchase multiple assets over the next couple years. 

@Annwar Zahrieh There are certain transactional costs/ costs of doing business in Philadelphia to be mindful of, but I believe the fundamentals that exist in Philadelphia far outweigh this IF investing wisely.

My main focus currently is continuing to get a solid foundation and understanding of the fundamentals while networking with fellow investors in the area.I've been lurking for a few weeks so just wanted to take some time to say hello and thanks for all the excellent topics I've read through thus far.

You are not limited to putting it into real estate, which is a fundamental difference between this particular tax exclusion.  

A good place to start in understanding the fundamental is to buy the Dan Kennedy Magnetic Marketing course.

There is no guru book  or course that teaches the real estate spectrum necessary for land speculation, you better begin by learning the fundamentals of real estate and master the basics before trying to  deal in the raw land market!