Too bad other hosts don't consider the new expectations we're receiving not only from guests but also OTA sites.

In a city like Philly, you will face many challenges - you need to learn the market and know the neighborhood and the block and make sure all of your numbers are within reason, you need very reliable contractors, you need a to understand the permit process, you need to be familiar with market expectations. 

@Serge Hounkponou Recommend you first figure out the property Class you want to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

As far as rates I see them declining slower than expected but lowering nonetheless. 

A key lesson was the importance of balancing renovation costs with market expectations.

You definitely can't just buy a building low down, do no work to it and keep old rents and expect to profit. 

Also, the tax benefits you expect might be over-hyped: https://www.biggerpockets.com/forums/51/topics/1075919-five-...Figuring our whether there is a useful tax strategy in your situation would take a one-on-one consultation with an experienced tax strategist, and here is how to find one: https://www.biggerpockets.com/forums/51/topics/1222774-expla... 

It can also be an opportunity to discuss house rules and expectations to ensure you're on the same page.While being cost-conscious is understandable, investing a little upfront for proper screening can save you a lot of trouble in the long run.

The inventory is still very tight, and expected to remain that way. 

@Polat Caglayan very ambiguosu question, but read the helpful info below to guide your next set of questions:)-------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?