We process, underwrite, close and fund the loan.  

The bank they are using with that offer is now saying my site prep bid came in way too high and not approving me (so far. still in process).

@Julie Doke: Industry specific software speaks to you and you can easily relate it to your day to day process.

Even so, they were able to help at times when I had technical questions about the legal process.

There is no question that fires in these areas are caused by man developing in what was vacant areas where even if there was a fire ( which there has been over the centuries) But these were not in the thought process's in the 1900 until the 60s before CA recorded the subdivision map act  into law.. you just platted and recorded Just look out in the high Deseret there are 1 mil platted lots with virtually no homes but nothing to burn..

If you need to obtain it, how difficult will that process be?  

Quote from @Sami Gren: I start by making the original tenant fill out a form requesting to add a new renter, and they pay me a $50 processing fee (I charge a $50 fee any time I make changes to an existing lease). 

Let me know if you have any questions on the process of appreciation and even tax advantages, especially since y'all are engineers!

If he’s open to it, that could reduce the upfront capital you’d need while making the process a lot smoother.

In a city like Philly, you will face many challenges - you need to learn the market and know the neighborhood and the block and make sure all of your numbers are within reason, you need very reliable contractors, you need a to understand the permit process, you need to be familiar with market expectations.