The city's strong rental market driven by a growing population ensures a steady income stream.

There are so many revenue streams and upsells available and it's the high end properties that are succeeding right now. 

As far as a multi, personally if all things were equal I'd go for the multi for a few reasons.  1) Added diversification.. if one tenant doesn't pay, you can still cover property expenses with the other tenants 2) Shared capex... typically, one roof and one property to maintain but multiple streams of income 3) Less vacancy.. usually multi's rent for lower, for example one of mine is the sweet spot of 3 bedrooms for $1300. 

I would think about this in terms of whether or not you can get additional streams of income faster than your money can accrue interest?

get an umbrella policy to protect yourself, see if you need a rental license in your municipality. an LLC is only for insulating you for liability and anonymity, it will not save you on taxes and you really dont need to worry about it with one property imo . you cant protect a single property from lawsuit, insurance is what covers you just make sure you’re up to code. insurance will always look for a way to get out of covering an incident.if you register, you’ll want to report the income. if you make less than expected after deducting costs, then it’s time to raise rent. you wont be able to reduce more to reduce other income streams since you're not a full time real estate investorin the future if you ever sell, because it’s a rental now you will owe capital gains on the property. philly is probably like ohio and not california with it’s YoY growth being tied to inflation. with that said your profit is mainly going to be the equity you build from your tenant paying your mortgage. the money earned monthly should be saved as youre doing in case you have a capex repair/replacement come in like HVAC, roofing, etci advise you pay for an hour to speak to a CPA to better your options.good luck

Are there any special arrangements you need to accommodate for any of the residents (transportation in general, trips for dialysis, monitoring blood sugar levels, etc.)?

In other words, One Quarter of mortgage officers decided to call it quits from the mortgage industry and not renew their license (for some reason the NMLS is only up to Q2 2023 data collection, odd…IMO full year 2023 was probably a blood bath.

However, we found that by leveraging a local property management company and trusted professionals in the area, we were able to successfully manage our properties and generate a steady stream of income.Keeping the property as a rental can have its advantages, especially when the property is in an area experiencing significant price appreciation.

Collecting on a judgement ends up being more time and hassle than it's worth, as you are usually trying to get blood from a stone, so to speak. 

all of those content streams.