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. 

If you can purchase  a multi unit residence with an occupancy rate of 75% or less (as an example) and reposition the property by removing problem tenants and replacing them with quality tenants,  upgrading the property strategically, increase the occupancy rate to 95% and increase the rents to fair market value or better, then you have a gold mine!  

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. 

Equity Trust does a really good job and has very helpful customer service to walk you through the process.

Here is some price information from our event (geographical areas may differ in pricing):"Database price for labor to hang ½” taped, floated, and ready for paint $1.06/SFHeavy Texture, ready for paint 1.22/SFSmooth Wall finish 1.55/SFReady for Texture .90/SFUnfinished, hung only .54/SF"There is normally a 10 to 15% increase in labor prices the insurance companies give you in a disaster. 

When I run numbers on these home I always increase my numbers by 15% and add in an extra contingency allowance. 

Hello BP,I am still figuring out financing for a 4-unit turnkey property I have under contract (for buy and hold).I wrote in a previous post that my lender increased the down payment required for purchase and I don't have it.

To buy this new 8plex I would have to refinance my current 8plex and increase the mortgage from 170k to 510k (170k+320k for new 8plex+20k for acquisition fees or other things)This is my current property (8plex)This is my current property after refinancing (8plex)This will be my new 8plexI should also add the the new property is in very good shape.