I'd focus on the ROI of "doing some updates" and the strategy behind this property.

Assess your ability to secure financing within the given timeframe and whether it aligns with your investment strategy.

Best of luck to you...try writing down your long term goals and work backwards to best devise a strategy for today.

Thanks to the Cost Segregation Study, the property investors were able to reclassify the property components and accelerate their depreciation for a total of $356,000 in the first year.The use of the accelerated depreciation strategy helps real estate investors to reduce the tax liability immediately which therefore increases their bottom line due to the offsetting of income.

My strategy was to manage my own and then evolved into managing for others.

Which strategy i should use to find houses?

I'm curious to hear what investors in the Philly market are investing in and how your strategies have changed to accommodate the ever changing world of real estate.Let's talk specifics!

HOA's also have restrictions and some may not allow leasing or using other strategies like short-term rentals of Rent-by-the-room. 

Or what is the best tax strategy in this scenario?

Also, after reading RPI by Brandon Turner, I'm aware of multiple strategies, but since I've never actually invested or bought a property yet, I feel like I'm overwhelemd by all the options, and find it hard to get started.