So basically we are leaning towards my mother moving in with me while we sell her house, and buying a “fix me upper” multi family under an LLC.

You told me you wanted fixer uppers." 

There are also fixer uppers that are also foreclosed and are selling very well for a similar price.

Right now I am mainly searching the "fixer upper" section in Redfin.

It will make a great investment for someone willing to invest the money - just not a fit for us right now.Takeaways:For our first house hack, we've got two ways to go: 1) purchase turn-key. or 2) purchase a fixer-upper with strong fundamentals (i.e. the carpets are stained, and the place stinks, but the roof is in good shape).

Are you looking for fixer-upper or new construction?

Our goals are to buy 1-4 unit fix-upper residential properties in Philly and surrounding areas.

On the upper side to renting to college students is that they always have friends who are willing to take over their spot next year (landlord approval pending of course), parents back the lease, and you can sometimes get extra income over the summer as they tend to stick around.However, you become very busy between tenants, doing fixes and getting contractors in there if the need arises during turnover.A down side is if for some reason you get a vacancy you tend to not be able to fill it if you are out of that window that the college students are looking for a place.... not impossible, just becomes more difficult as time goes on.

The home is currently setup in such a way that upper and lower (basement) units each have 3/1 and 2/1 with basement have plumbing for kitchen. 

By buying a property in cash, it gives someone the upper-hand in negotiations vs someone using conventional financing.