This would increase the overall raise amount, address our challenges of raising capital per project and the returns would be shares of all the projects.

How do you best utilize all the resources (networking, podcasts, resources) that BP has to offer on this site to increase your net work while decreasing the time it takes you to achieve your goals?

You can offer to move them into the newly renovated unit at the increased price and with a standard lease.OR you can tell them that the rent is going up $50 every 6 months until it hits market and that you will be requiring a standard lease going forward. 

Even with the FHA loan it could take a considerable amount of cash to make a down payment, and have an appropriate cash reserve, especially in some markets...

I do not plan on limiting myself to residential only, but plan on increasing my portfolio to commercial in the future; trying to ‘think big’ now and plan backwards.

As @Jay Hinrichs stated, the timber situation may have me in over my head as a rookie investor but it's never too early to have a few alternate strategies in my back pocket as my proficiency increases :) @Matt Katsaris, thanks for the heads up.

The goal is to live in our first home for 3-5 years, ride the increase in home values in Philadelphia, and then move to the suburbs. 

Also, you're mentioning of moving to the property, which makes me feel that you're not taking into consideration you can have an experienced property management company help you be successful.  

Ew Orleans because the flood insurance was $2400/yr with potential for continued increases with the ever-changing flood maps.

A broker told me last week that rentals in Hoboken is softening due to increased supply (e.g., completion of new constructions coming to markets with incentives for renters), and he expects rental price to stagnate or decline a little in the foreseeable future.