@Meghan McCallumFailing in previous endeavors and having to provide for 6 children.  

My wife and small children have moved into another home and are looking to make some more investments after being able to save for a 20% down payment. 

Though student rentals have their pros and cons, eviction is hardly one of them as no student wants to be left homeless during the school year, even less so if you make parents co-sign the lease agreements.Outside of student rentals, there are also plenty of medical Interns, Residents, and Attendings working at UC Health/Cincinnati Children's that that are looking for safe housing around work in the Corryville/Avondale area.

Im low 30's with a wife and 2 young children (4 and 2)and wondering methods of financing a first rental property and any recommendations on the price range to start at. 

Most tenants are looking for a good public school for their children while being able to commute to a blue collar job.

A significant issue for the summer rentals is that a lot of parents are looking for summer apartments for their adult children.

Many people have done a live-in flip, but you should seriously consider your lifestyle situation, for instance, if you are married with small children.

We are obviously not looking to make money off of him but plan to keep the unit and rent it out in the future when all of our children are done with school. 

Increased maintenance, decreased appreciation, and anyone with children (depending on the class of property that you target) is probably going to have to go private schools (increased expenses).As far as the sewer problems, only septic folks will avoid it, so it will affect expenses across the city equally.I would have to defer to @Zach Zimmer on the other two areas (Congrats on the new job sir).

Looks like you are interested in all of the Greater Philadelphia Real Estate Market.Some things to consider in the Suburbs;* Can you afford the acquisition prices(Entry Point compared to Philadelphia County both on a Flip or Conventional Purchase* Taxes reflect differently in the burbs based on location (Transportation) and education provided for children and also college or university impact to that immediate area.Depending whether you are considering cash flow or flipping you need to understand your financial resume capability to compliment your market capabilityLet me know if you have any questions.Regards,Joe Scorese