Purchase price: $240,000 Cash invested: $60,000 I purchased this duplex in distressed condition using owner financing for $240K and secured a $60K hard money loan for renovations.

Have you pulled title on the property? 

@Jesse Stephenson while you're right that the mortgage is not in the OP's name, if either the OP or the former owner don't pay the mortgage, OCWEN will bring the property to Sheriff Sale and name both the former owner and the OP. 

This is how banks verify property owners maintain insurance.

I understand Philadelphia requires a local property manager. 

If the property were owner-occupied, would I only receive credit for one rental unit's income, while the non-conforming basement income wouldn't count?

Focus on absentee owners and start with the ones who live the farthest away and only own one property in the area since they have the least use for the property.You can also drive for dollars, looking for anomalies of disrepair and then look them up in the tax records and use a site like Spokeo to do cheap skip tracing.

I've also been thinking of using a HELOC to acquire our next investment property, likely as owner occupied.

@Julia Newman, for sourcing a property owner's information, research and consider implementing PropStream in your business.

Since the high rent properties usually involve less work.