Areas such as southern PG County offer a high price/rent ratio but lower appreciation and higher risk.

"Low risk low reward, higher reward means higher risk." 

The point is, you can find deals out there that make better sense now, without the risk of the market moving up or down.Not trying to shoot down your ideas here!

It was supposed to be done by this month, but due to government agencies involved, it is dragging on.

I know the worry of having two mortgage payments but rentals are low supply right now so there is low risk that it will be vacant for long.  

Obviously 6 months later you'll have to endure some interest rate risk as the market can change but sometimes this strategy is worth the risk, all things considered.Let me know if that helps. 

I am also here in Philly. do you know which aspect of Real Estate you would like to get involved in?

Not worth the risk in my opinion.If you're not in the position to lose that money down and be stuck paying a mortgage and carrying costs, don't do it.

What is involved with a note/mtg executed?

There is no rule set in stone that real estate will always enjoy such a favored tax status.In fact since populism is increasing and most Americans don't receive these benefits, they are at risk more so than in the past.