You'll want to confirm with the current loan servicer that they will allow the loan to be assumed in this fashion (adding a second mortgage at the closing table).2.

On the surface without knowing anything more they have two choices.

You’ll soon discover that the information you’re studying to pass your real estate exam doesn't even scratch the surface of all you need to learn to be a good real estate agent.

You’ll soon discover that the information you’re studying to pass your real estate exam doesn't even scratch the surface of all you need to learn to be a good real estate agent.

Unfortunately, I think the hard truth is that saving up the cash for the down payment the old fashioned way is likely to be a better risk adjusted option.

First of all bleach only kills mold on hard surfaces (terrible misconception out there).On porous surfaces the bleach will appear to have killed the mold but the roots are still active waiting to regenerate.

The usual surface remodel stuff you'll have no problems with (painting, new fixtures, appliances, flooring, cabinets, etc.) but once you start altering floorplans or moving electric or plumbing, it's generally smarter to get the permit (unless it's for your own house and you don't care about the resale value and are comfortable with the risk).Also remember that while this stuff pertains to the county and state rules, individual HOA's also have their own rules and some require that all work be done permitted and/or by licensed contractors. 

Here's the pertinent info:Apartment: 500 sq. ftFoundation: Assume no repairs neededRoof: Some surface granulation failures, will need to be repairedFull gut renovation of kitchen, living room, bedroom, and bathroom.Appreciate any and all thoughts.

While on the surface of examining the rents in the most popular zip codes (19143, 19139, 19142) might show Section 8 rents identical to market, that being said the conditions needed to reach that rent are drastically different.

There are a lot of moving parts here to consider, you've only scratched the surface.