To put it nicely, I would proceed with extreme extreme caution, if I were in your shoes. 

That is an extremely difficult accomplishment in the near-term.

Really appreciate all of the insight and information.It's obvious from your post that student housing is an extremely high-touch business, but one that you have mastered - timing in marketing, expectation setting with kids, quarterly check-ins, the list goes on.So my question is, as an out of state investor considering investing in the same type of space, how would you characterize other property management companies ability to successfully run a business like this? 

Note local rules could be more extreme.  

AprilApril: Extremely bummed, almost didn't want to get out of bed.

Im sure you know that philly is very neighborhood specific and markets are extremely hyper local.

We have reached out to the city and they have provided some information about grants but that seems extremely complex without much chance for success as we would be first timers.My question is what options are out there to help with this situation.

I'm opening my second home and find them extremely rewarding but think I may stop at these two because I am extremely involved in them and am spreading myself too thin I think. 

Insurers have become extremely conservative over the last year.

My cleaning teams are extremely well-paid compared to other properties in the area.