I'm a 4E0X1 (Public Health).

Read this guide if you haven't already.http://www.phila.gov/health/pdfs/LandlordGuidance_...You'll need to double check the market price is for Philly, but inspectors in my area will charge a few hundred dollars (Say $250 to $500) for most residential properties.

We don't do it for our health.

@Dave Foster they are all great advice, however, with the depreciating health condition, my friend doesn't want nor have the luxury to do all that.

When the vinyl planks wear, Im gonna put tile in the bedrooms too...The floor was always where I spent the most time and money when getting an apartment ready.

(Not so much the obvious big errors like market value of $200k when the house clearly is in the $100k range, those I would fight tooth and nail, but the smaller, off by $20k etc.)

I was a little too eager and spread myself too thing which resulted in long days.

The city is changing and recomposing itself and quite a few D neighborhood slums in close proximity to the health care and technology job centers within the city are reversing course and turning back into C neighborhoods.Your biggest problem isn't the financing you think it might be.

My plan is to find a decent deal, run the numbers through a fine tooth analysis to make sure it is worth making an offer on, put 20% down using the heloc (or find a way to fund the down without using the heloc or my own cash- I need all the advice I can get on this).

This extract from the Canadian Tax Journal is becoming a little long in the tooth, but generally still holds ... when in doubt, ask your accountant.