The fee structure is better than Airbnb (only a 1 time small yearly fee) but tends to attract people looking for cheaper options.

There are properties that cash flow with high insurance costs and much needed structural rehab or rental volatility.There are also rock solid properties, not in flood zones that barely cash flow.

If the property contains a residential structure, the former must also pay the value of "preservation improvements" made by the investor, but not additions or upgrades.  

All the hotel brands are coming to market with new franchises that have full kitchens, large rooms, pools, laundry, gym, outdoor courtyards and kitchens, are located directly in the dining, entertainment, and shopping districts and adjacant to transportation corridors and have on site staff. 

Read FULL STORY here.

You also bought a new build single family at full value / appraisable value.

The world is full of sharp edges.

I'm current real estate investor (not full time) that have about 10 residential- signal family properties.

Just adding a couple of things for you to consider to add to your research - Regarding the basis step-up, you're correct that under current law, your mom holding it until her death may allow for you to receive it with a full stepped-up basis, washing out all the appreciation during her lifetime. 

If you intend on purchasing real estate in Philadelphia or elsewhere in PA, file a certificate of organization in PA.