The home is in turn key shape.

The key part that I was unaware of are the overall rent caps, which obviously are well, well, well below market rents for the area (it's actually in Mtn Brook, but same applies for Homewood). 

@Arturo Borges key is finding partners. 

Tracking your results and optimizing for your market is key, don't just take blanket advice from BP.Good luck!

The key is to expose yourself to as many different possible profitable avenues in real estate investing & then continue to narrow them down to a select few which would be a good match for your strengths & personality. 

Hi,I actually use the same lease on my condo rental that I use on my fourplex units and just fill in a few blanks differently (like what the rent covers, for example).The key difference for me is that I have an addendum of condo association rules and policies that is incorporated by reference in the lease. 

In the contract I also requested for the duplex to be delivered vacant which the owner obliged.After closing:With a few repairs and touchups, both the front and the back house could have been rented out for market rents.

It's important to figure out what your business strategy is, and what your value-add proposition is.I know that folks have been successful in each one of these niches in Philly real estate, just depends on what you are looking to do (in no particular order and just off the top of my head, I'm sure that I'm leaving a bunch out): low-income rentals, luxury rentals, flips, vacant land speculation, new construction, section 8/PHA rentals, wholesaling, wholetailing, bird dogging, turn key sales, property management, construction management, financing expert, zoning expert, title expert, business procedure consulting, hard money lending, seller financing, buying subject-to, syndicating deals, 1031 exchange scout, retail sales, etc.Personally, I've set up a pretty decent rental portfolio over the last few years, that's what made sense for my investing goals and setup. 

But one thing I do know is that one key is scale. 24 units really?

Goal per my brokerage training is to build rapport and deliver a FSBO guide that explains why they need an agent.