I am also located in Philly, looking into investing in Buy and Hold particularly multifamily units.I am sure you will connect with the right person (people) here and as you know it's an awesome place to learnCheers!

If owner, then here is your decision tree:Buy with sub2, and then hold and rent, sell as a lease option, or sell on terms to someone else (you could also list it if you wanted to, but I doubt you'd have success when the owner didn't unless the agent is at fault).If collect one time assignment fee, then here is your decision tree:Put property under contract to buy (with this, you can put the property under contract as sub2 and assign sub2 deal to someone, or assignable contract for deed, or assignable lease option).If you have the option to go either way, and you're local to the area, then there are more advantages to buying with sub2 (or being on the deed via a mortgage wrap, because then you have equitable title and you're not assigning - no one can ever start an unlicensed broker investigation on you if you're on title).So which exit strategy sounds best to you?

Buy and hold investments at the moment sound right up my ally and I would like to move towards multi family units.

While flipping generally holds the most appeal to new investors I would strongly recommend you look at your first project as both a flip and a rental. 

This tenant want me to owner finance for her or hold the note.  

We hold monthly meetings where the following topics may be discussed: getting started, market research, deal analysis, single family investing, multifamily investing, investing in the Bay Area, out-of-state investing, real estate market cycles, fundraising, legal structures, taxes, current trends, etc.

Buy and hold?  

Also holding costs are higher than 2nds.So with 1-2 2nd liens, we like to keep $5k in reserves for misc costs, and most of it will go to attorney costs should they not want to work with us.

I'm looking for a business partner or investor located in the Fort Worth / Dallas , Texas area for Buy and Hold and Flip properties.  

@Keith Jourdan I'd love to hear the numbers, what you expect to get on the sale, holding costs, etc.