We are in the San Elijo neighborhood, just down the round from the university.

You can walk the neighborhoods you want to buy in.

That's a lot of work to make a couple grand, but it beats losing money (believe me).All good questions here -- what is the neighborhood like? 

We have a property manager lined up that we are bouncing any prospective properties off of, this is helping us avoid those properties that the wholesaler says "This is in a great neighborhood" but it's not in a great neighborhood.

What if the partner with the 300K debt is studying to be a doctor, lawyer or engineer and is expecting to land a big job at a big firm in the next 2 to 3 years. 

In this scenario, you'll probably want to engage a law firm that specializes in both Real Estate Law and Bankruptcy Law.

Take away buying costs of 5pct plus title insurance etc (about 6-7k)Take away holding costs of 3kTake away selling costs of 11kTake away minimum profit of 15kMax offer 93kProperty is in a great neighborhood and LOOKS like its a paint/carpet rehab from the pics However, roof is 20 years old, ac condenser is 20 years old.  

I have a trusted realtor at each location as well as management firms that I currently use. 

If anything, get together with one of the firms that is doing it already and work with them. 

Two Organizations if you are buying in Philadelphia that a must join;Diversified Investors Group (This REIA is connected to the Greater Philadelphia Market and has 5 Sub Group Meetings in Philadelphia Alone)HAPCO - Philadelphia's Landlord Association Advocate - Landlord Eviction Program, Education and Sourcing where to go and how to do in Philadelphia Landlording.CDC's,  RCO's & or Neighborhood Associations - It is no longer by Zip Code sourcing deals in Philadelphia anymore it is by neighborhood designation.