Older buildings are more expensive to rehab, some of the structure does not meet today's codes, therefore required all new mechanicals having to dig up streets to install outside plant first.

You should probably consult a lawyer and cpa to help you decide.As a general rule, for LLC owning directly real estate, it is often recommended to have the LLC recognized in the state where the property is located as it is a requirement if your LLC need to be represented in court (think eviction or code enforcement problems).There are ways around like using a local operating entity or even in some cases land trust.The choice of the LLC state may also be based on some cost factors.Last but not least, while all LLCs have the same inside liability protection, states differs widely on outside protection.

I can just see the masonry inside or outside. 

I prefer outside the loop as a rule.

The area has been getting more and more expensive the past few years so looking into new builds about ~20-30 mins outside of downtown. 

(And even then, you have to make sure your property is outside of a 500' bubble from any other non-owner occupied short-term rental.)Keep up the search!

Account Closed I'm slightly confused by your first scenario- but something to keep in mind is Philly's local laws against Airbnb operation outside of your primary residence (even then there are still limitations).

I track my prospective tenant inquiries on a spreadsheet and about 75% came from Craigslist and the rest from the physical sign outside of the property or Cozy's partner sites.

Travel extensively so if you ever need anything outside of the US, let me know.Cheers,Alice

I have found that most are located outside of the state and loan in IA.