After a divorce and some recent changes to my W2 job status ... left my employer of 22 years and now contract directly with the same school districts I have provided IT support to for the past 20+ years ... which increased my annual income by $35,000, of course taxes and health insurance have to come out of that $35k, I feel like I am on the right path.On the REI side of things I have an overall understanding of getting started.

I'm not saying that's the law or anything, but it's common sense because you have no way to know what the unit looked like when the tenants moved in.I hear ya! 

@Joshua ArsenaultMany people who are CPA's that don't work on Pennsylvania / Philadelphia often miss out on some filings that can cost clients a lot.Philadelphia is a unique jurisdiction that has its own filing obligations.The NPT(Net Profits Tax) and BIRT(Business Income Receipts Tax).The above filing obligations are required but hopefully don't increase your tax burden.Also you mention, "partner and I", depending on how title is held(Tenants in common vs partnership/corp), a separate entity tax return may be required.Best of luck

It's a common practice to sign a lease about 3-4 months before occupancy.

In my state it is common for a listing agent to collect a portion of any deposit you retain for example 50%.

With that said, cash is the more common first step because many properties with the most BRRRR potential are not in good enough condition for a bank to approve a traditional mortgage on in the first place.

In the very common event of interstate exchanges it is many times a requirement that the new property be owned in a domestic LLC to that state. 

@Christian WeberTo answer a few of your questions,If the property will be vacant for more than 60 days, then you will want to go with a Vacant Building or Builders risk policy depending on the rehab detailsPersonal Umbrella policies can get picky going over out of state or vacant buildings.The most common limit for General Liability is $1M. 

TriplexLive in one and rent the other two.Almost rent free.Tenants pay my mortgage, taxes and....Helps to be a common sense do it yourself type of person.

Sink all coffins and all hearses to one common pool!