If the hard money lender can provide funds and the seller can accept I don't see the problem. 

I have found some pretty good tenants in the 19th ward including a couple who both work for the UR and rent on Midvale Terrace, a single mom who works for UR that rents on Wellington, and a few groups of students who rent near Winbourne.You will find better tenants in the South Wedge/Highland/Swillburg area but you have to accept a lower return on investment.

The part of the contract that threw me off was this:"Owner hereby employs  XYZ PROPERTY MANAGEMENT (name changed for propriety's sake), as his exclusive agent for the rental and management of Property.  

W/ regards to Philadelphia, my partners and I are seeing that when we make an offer the realtor gives us a Sales Agreement which we then give to our lawyers to look over even if the offer isn't accepted.

As soon as our offer was accepted by the seller (still waiting for the bank), I made sure the HOA had no issues with the units being rented.

I believe she focuses exclusively on buy-sell, so if you are only looking to rent, you may want to look in a different direction.Cheers, good luck, and welcome to Seattle!

Upon our contract being submitted, we were told by the lender that since this was a Fannie Mae property, it was required that we list the property for sale for 5 days before they would accept any offers.  

The seller had 3 contingencies in the counter which we had accepted and signed without fully understanding the 2nd one.

For example, if your properties accept housing vouchers, what experience do they have with these programs?

@Charlie DeHartmy problem is the use of standard industry terms in a non-standard way and demanding acceptance by everyone.