hi guys, While I'm very succefull in the area I work in (music), I'm looking to build a real estate portfolio which would earn me 10K+ per month.  

Even if we make high end rehab, if 2nd level does not have bathroom, would this property still be desirable at high price?

Philly has some interesting options, but I like the others better and they are closer to you.Any idea on budget and or cash flow desires?

Part will depend on the price range you're buying and selling....under $200k they're earning their money....under $100k, you need to pay me extra, no matter how many you do.  

If you can self direct it, you can invest it in a note to earn 10% - 12% yield, tax free.

., I totally agree with the exhortation given by @Cal C..I would certainly recommend cashing out the FULL approved amount - but, because unexpected windfalls have a tendency not to be treated with the same care as hard earned savings, it will pay you to be MINDFUL of that fact. 

Learn before you earn!

I do my math slightly differentlyincome-1/3 for maintenance/vacancy/management expense-hard costs-desired monthly FREE PROFIT (say $100/mo each door)balance tells me the mortgage payment I can affordthat, in mortgagecalculator.org at 6.5 for 20 years, is the value of the house.If you have to (in some markets) sacrifice mainenance/vacancy pads (as ************* and others teach), I guess...but there's a risk.I love my market in PA. 15% returns AFTER all that. and usually mortgage pays me all my money back.

Would leave the deal with $1 mill cash, if 1031.Desired Situation with new:1.

single family homes are less desirable to rent than an entire apartment complex as you have way more to maintain, versus one structure under one or 2 roofs.