The state code seems to explicitly state that the enforcement of mortgage debt is not defined as doing business and therefore exempt for registration requirements:Sec. 1776.86.

As far as I can tell, the code referenced in the news piece only pertains to new developments.

All,what zip codes and areas would u recommend for buying cash flow SFH / Multies in Philly?

@Julia Shevchenko  it's in the State Real Estate Code which you should have access to.

The schools are great and according to zillow homes in that zip code should raise about 6.0% in value.

In addition, there is a code enforcement case on it that is a couple years old and still open.My question:  How do I contact Fannie Mae to purchase the property before they list it or auction it off?  

There was a ton of hotels in financial distress in the early 90's and the founders took advantage of some unparraled changes in the tax code to put it all together.Having said that a public traded REIT is very expensive to form.  

An egress window must satisfy four International Residential Code (IRC) criteria:• Minimum width of opening: 20 in.• Minimum height of opening: 24 in.• Minimum net clear opening: 5.7 sq. ft. (5.0 sq. ft. for ground floor).• Maximum sill height above floor: 44 inThe physically smallest windows (w/r to rough opening) you can use would be either a casement window (with egress hardware) or a tilt-n-turn style window (common in Europe).  

Base on zip code: Return list of Homes for sale, foreclosure, or other types.2.

But if you do not have any experience in property management and am new to investing I highly recommend hiring a property manager for at least the first few years since certain areas can have varying code requirements for apartments.