Philly is a very tenant friendly city, and professional tenants know all of the ins and outs to work it to their advantage.

Distance really isn’t an issue but if you’d rather be present for your first deal then as mentioned above you could go in with another investor and partner on deal, just provide the private money loan to an investor, or a hybrid of the two.

There are some professionals in the BP community that may also be able to provide the advice you seek. 

As always, seek professional advice. 

If we did a deal like this I would want to use private capital (short term money) complete the rehab and get the rentals rented in 12-18 months and then get a bank portfolio loan.

I have hard money available and *might* have private money.I'm now looking for those who have the resources I don't  - design, contractors, etc. 

Any recommendations I make are based on experience, and not the advise of a professional in fire damage remediation, I am not a lawyer, and any advice I provide you may take with a grain of salt.In regards to the tenant, atleast in NYS, it is their responsibility to have renters insurance to cover their belongings, you are not required to compensate them for any losses.

I went to several banks and private lenders before choosing Investor’s Bank.

Without being disrespectful, I don’t have the highest opinion the most real estate “professionals“.

Also, you're going to need professional guidance when it comes to asbestos, so hence best to involve your carrier early on in the process.