I am a newbie investor looking to invest in high cash flow multi families in Philadelphia in the hopes of also getting price appreciation and the ability to add value somehow.

I suggest not doing a Sub-To for a rental property, unless you have the money and/or borrowing ability to payoff an existing mortgage. 

I particularly like rental property performance analysis, ability to see each tenant's lease terms, payment history, security deposits, etc., and especially the integration with TurboTax, maximizing rental-related deductions. 

I am currently traveling in Vietnam and the potential for success as a vacation rental/AirBnB looks appealing, provided the ability to purchase and manage a luxury apartment remotely is available.

Do you the ability to refinance if the loan gets called?  

I would not trade this experience for the world because, on the other end of a lot of stressful days and nights, I have much more confidence in my own abilities.  

If you'd rather not buy used the furniture, you could at least incorporate it with a local artists work.The decorations are one of the most important things to get right with a STR so I wouldn't skimp on the finishes.  

I knew about TOPA in general terms, but I was not aware just how long they have at various stages to hold up a deal and the fact that they need not demonstrate ability to buy upfront.Because of the extent of tenant-friendly laws and how often they seem to be changing (every tenant in the city should have received a copy of the tenant bill of rights this year, if they didn't, any rent increases during their tenancy are illegal), I'm considering putting my property under management even if I owner occupy.

I am also working on my RE license, hopefully finishing in the next 1-2 months (mainly with a goal of education, access to MLS, networking, and the ability to do property management in the next couple of years).

Also, if you have the ability to do a couple of deals on your own, without outside financing, that will go a long way toward getting you the most favorable terms...just proving a bit of a track record.5)  70% is a guideline and really is determined by what your costs are, and you need to be sure you are covering ALL of your costs...commissions, taxes, holding, reno, etc.