But the numbers are based on assumptions which with no further info, can I begin to assess.Did you run your taxes at your proposed purchase price?  

Getting your first rehab project will require you to create a SOW, talk to contractors, compare and review bid proposals, review budgets, & make countless trips to Home Depot.​You will inevitably make mistakes and underestimate things, but you will learn 90% of what you know by just doing your first rehab!

I did submit a proposal request to National Real Estate Insurance Group (BP recommended) but I definitely want to do my research before making a decision.

For those reasons the Philly City Council would never consider such a proposal.

If what they propose works within the % you're comfortable with, then go for it.

In most cases the rental income has to be 115% great than your proposed PITI payment for the investment property.Realtors can make a great deal of money and be very successful with a good amount of leisure/family time. 

A HELOC cannot ever be used as a source of funds for the proposed PITI monthly reserves.You also have to keep in mind that the more open and active trade lines you have creates higher DTI and risk. 

@Robert StarnesBy you paying the back taxes on the property you have been doing the estate a favor since 2019.Since you had contacted the decedent's family perviously make a small offer to the family up front but only if you can represent the estate as PR (Personal Representative)If the family agree's file for Petition for Probate as the proposed PR of your friends estate.This would be the only recourse I can think of for you to legally have an interest in the property..

Told us she wanted to stay in unit 2 and could not afford the proposed $2500 rent for unit 3, claims to have not told the (fluent) seller that she wanted to move upstairs.Tenant of #2 returned the applications as she filled them out but seems her roommates work off the books as well.

My first guess is 1) tour unit and get lots of pictures with measurements 2) sketch up layouts as-is and proposed separation 3) talk to city?