I am trying to obtain a buy and hold multi-family unit in Philadelphia.

For the background information, I am in a partnership with my parents for buy and hold investment properties.

My goal is to buy and hold single and multi-family units as a form of "retirement".  

I would add that if you want to deal in real estate - especially buy & hold or flipping - you will want to work on becoming a people person.

Will I not be approved for a Refi of an investment (if I want to buy and hold) until seven years after that foreclosure was recorded?

This year we have shifted our focus from just flipping to getting some buy and hold properties.  

That will allow you to build up a network of contractors and suppliers that will enable to to address problems faster and more cost effectively.I would also recommend buying a home warranty program if you are planning to hold the property and make upgrades over time. 

An acquaintance and I have been in discussion for awhile now about partnering on some future buy & hold deals.  

Then I use an LLC for holding properties.  

Flipping correctly is the only way to make real money, you could lose all or your cash flow on a rental if you hold it too long and have to sell at a loss.