Finally, I am interested in any wholesale contacts or real estate agents that focus on distressed / short sale / pre-foreclosure properties in the area to help with my investment property search. 

@Gene Hardt if the loan with the balloon does not have a pre-payment penalty, can't you pay off the entire loan before the term is up?

I would like to connect with liked minded real estate investors/agents/professionals in the Philadelphia market.

I am definitely looking to connect with other real estate professionals (contractors, attorney, lenders, etc.), so, if you are willing to accept coffee as tender for your time, feel free to contact me.

@Mas YoshidaWhen I have run our numbers, where we are getting about 1-1.25% of sale price as rent (100K house renting for $1000 - $1250) by the time we take the depreciation, it wipes out all of the 'cash flow' profit, so now taxes currently due.If you are going to leverage with any non recourse loan, I have found they do NOT want to lend on; Pre 1950 properties, houses converted to duplexes (at least older ones), or loans less than 50K which would be a 125K property at 40% down payment. 

The risk levels, the work/effort levels, the capital levels, and the skill levels required are on two totally different planes.

I'm getting ready to purchase a house for my family within the next 3 months we got pre approved and are looking.

Hello @Shaun PalmerI just use standard MLS Purchase and Sale Agrements (PSAs) that title co's are used to.A standard addendum called (here) a Method of Payment Addendum is pre-printed and just needs you to put in the amount down, term and rate.  

The $100,000 rehab cost includes all permitting, inspections, etc.All in, I am estimating gross profit (pre-tax) of $35,000 - $40,000.Let me know your thoughts folks! 

Now a professional civil engineer in site development.