At it looks like, it doesn't make a lot of sense to me.if we leave aside the equity split and the money you are bringing to the deal, I wonder where is the value creation? 

I am trying to get a sense of the cost of rehabbing homes/construction in Philadelphia for a light rehab, mid rehab, to full gut renovation/shell on a price per square foot basis.

Ok that makes sense, thank you.

@Jorge De JesusI agree would make sense just settle for mailers in the beginning.

One thing to think about is that if you're contemplating doing a 1031 and buying a $500K investment and then converting that into your primary you will probably make even less than you are now on the investment house in the interim because you'll be trying to get investment cash flow out of a property that isn't best suited for investment use.It can certainly work but I sense a lot of other concerns than just the desire for a $500K primary residence.A lot depends on your geography but one option would be to do the 1031 and supplement with cash from the sale of your primary and purchase $500K of investment property free and clear. 

Is this something that makes some sense or should I not even waste my time.

I know I am not the first person asking these questions, but here we go (and I apologize ahead of time if I'm not asking the smartest questions):-for anyone living in the Los Angeles area, does it make more sense to invest closer to home or out of estate?

It doesn't make sense to say, "I'm going to charge XX% because that's what ABC Management charges."

Does a reliance on appreciation come with the BRRRR territory, in that sense?

However, the area that I have moved to due to my job, doesn't have any deals that really make sense.