Across the Greater Philadelphia market area, half of ZIP codes recorded a High or Moderate level of demand and roughly one-third were in the Slow or Limited category.The hotest part of the city is NE Philly. 

Check the zip code of the property you're interested in on zillow, redfin, etc. and you can see how much similar units are renting for in the area and I shoot for the most conservative amount of income when doing my analysis.

What zip code did you find this property in, and how many beds/baths does it have?

You don't have to be strict forever but you need to be strict long enough to know exactly where all your money is going.

Usually local banks only, usually conventional unless you have a different kind of business model from strict BRRRR.

They are super strict (which I am sure you know) so it would be tough to get in, but great if you could do it. 

The “slum lord” was strictly for BP members to get an idea of what the community says about their rentals to help paint that picture. 

@Nick GeeBenefits of buying in a  LLC also include; usually it’s asset based loans and you won’t have to go through the strict process of getting bank financing.

The problem with unpermitted work is they often cut corners or don't follow code.

@Dan Heuschele I tried searching online to find the code that says sheds can’t be in the front yard but can’t find it.