Zoning bills are frequently passed to promote new housing and development but there are plenty of neighborhoods in Philadelphia that have seen a rise in demand where the the zoning is more restrictive. 

So, although the cashflow could be nice, you should be prepared with reserves besides the down payment when an issue arises.  

But if an opportunity arises, I am more than willing and able to proceed.  

The key is to find a contractor that will not nickel and dime during the projects when changes and unknowns arise. 

(Assume no personality conflicts will arise.

I'm just curious how much cash I should try to keep in reserves at all times in order to deal with any major repairs/vacancies that may arise.

Only contractual remedies are available for an error or omission that arises from a property information report.I suspect Lloyd's would rely on that statute to determine coverage.

While the NAR, as I recall, addresses this issue as well.As to it being poor practice, besides it dancing along the violation of any applicable law, issues can arise when one provider is suggested by several Realtors and never includes other providers without good reason.

If any questions arise (and I'm sure they will), don't hesitate to ask about them here on the forums.

Feel free to connect and ask any questions that may arise.