Now we are finally able to analyze the neighborhoods, see properties and get in touch with actual investors/companies/realtors in the area.Secondly, I would make sure that you are set up and ready to go, practically speaking.

that being said Philadelphia is where New York, Boston and D.C. money is flowing... so is the culture, restaurants, industries, etc. 

Your ability to evaluate a deal correctly cuts their time in half in going out and finding a deal themselves so you have to basically think like an investor who will be buying the property from you .Of course your focus should be to build your buyers list but remember your list will get very short quickly if deal evaluation skill aren't up to par so practice deal evaluations constantly with properties on the mls to hone your skills good luck 

You have depreciated it approximately 40,000 and you likely do not have enough equity to affect an exchange in any other state or location so you are stuck with recapturing all that depreciation and could potentially owe more in taxes than you net from the rental property.If I were to do it again, even though California is a very expensive market, I would have been better off having negative cashflow for a couple of years and gotten the appreciation of California and not  the practically non existent appreciation of other states with lower prices and small cashflow.

I wish I had found BP before I did my first two investments but nevertheless I'm putting into practice what I've been learning.

I'm at the beginning - just reading and listening and practicing. 

I am trying to balance wise investing with practicality so that I do not get in over my head in either real estate or my full time job.

See this discussion https://www.biggerpockets.com/forums/56/topics/250301-squatter-nightmareYes I think that there are a number of shady practices by banks and they are knowingly selling properties that are dangerous to enter. 

In this PC culture, it was recommended for everyone to drop that word and use "Housing Provider" going forward.Seems to make sense, which I'm going to do.

I hope some of my other BPer's add onto this thread with their best practices.