@Tiffany Tran This question seems pretty location specific since every municipality has their own rules, I would recommend reaching out to someone who specializes in Philly, or perhaps posting in the classifieds asking for legal help in the Philly area!

Once I have a better understanding of market conditions, I can determine if BRRRR is feasible or if leveraging for multiple properties makes more sense.In the meantime, would you mind sharing any resources you've found helpful for analyzing BRRRR potential in a specific market?

To be honest, when we received the bankruptcy letter I thought about sending him a letter to let him know that he had to surrender the property, because I thought he was not going to pay, so when he paid the full month and late fee, this kind of threw me off, not sure how to proceed.Much appreciate the help from this forum

Thank you all for your help and suggestions 

I cover all these areas so if you'd like to discuss particulars just message me and I'll be happy to help

It looks like you are not able to get lending because your Debt-to-Income ratio is too high.You should figure out what your DTI ratio is.If you are buying cash-flowing rentals, your rentals should actually be helping you get future loans easier.

I've helped quite a few people house hack in this area so if you have any specific questions about areas, rents, appreciation, and such just reach out anytime and I'll be glad to help!

Another lesson I learned was to have a more concrete scope of work to help create a more accurate budget and to add a buffer in the plan for things that come up that are unexpected.

For now this is based on trust (no contract between me and her) as we are very long time friends and for me is not really about making money at this point as I'm busy regardless, but more of a help to her.

I believe this is correct - doable but very challenging to qualify STR with conventional in a high-rate environment like we've been in.Sharing this article published last year on STR Loans Options Pros/Cons, etc if it helps!