So, it is flawed in it's initial state.I have no doubt that OP will turn it all around and make it a profitable endeavor eventually. 

No fear going into an area and helping to transform it for the better, and make some good money while doing so.

I HOPE everyone here on BP makes it into that 5% category, no matter what their endeavors are!

@John @John Hickey Hello I am Fellow new member  here, I was elated to see the words Bedford Lafayette, What a transformation that neighborhood went through.... 

Like any investment endeavor, you don't want to jump into turbulent waters w/o knowing how to swim, having good reliable tools/gears and training/education and a good network.You don't want to be left with only the experience, with all your $400k gone.- mindset wise, I assume you've read Rich Dad Poor Dad?

I saw your post on the cabinets the whole kitchen is a huge transformation.

@Josh Clough  1)  try devloping a basic plan  and then  do it  ....eg-  buy a rental property and  rent it .....on the  job training is  invaluable   2) try locating a mentor that  is near  you  and   ask  if you can  assist  them in their  endeavors 

To summarize, I want my entire family to be a part of this endeavor where we purchase and hold the property for the long term creating generational wealth.

As @Will Long mentioned there are plenty of areas to invest in Delaware and Motgomery counties, and Point Breeze is a quickly transforming area in Philly, but that doesn't necessarily mean any of these areas are going to be the right area to invest given your goals and to steal a @Brandon Turner phrase, where you want to be on the Scale of Passivity. 

Wish you the best in your new endeavors and feel free to reach out any time if you have any questions or want to chat about the local area.