Also, if you are confident in your numbers of being all in at $40k, renting for $700+, you should be in good shape as long as taxes and insurance aren't too high and there's no other immediate big ticket items in need of repair such as the foundation or basement waterproofing.

It would essentially be training wheels for my first deal so that I have a better understanding of the process of purchasing, rehabbing, refinancing, renting out a property for my second deal.

Walking distance to the Philly train and Main St. w/ good breweries, restaurants and shops.

You are flipping houses, Camille, not borrowing against large commercial properties, which could require dealing with a large out of town lender (and an airplane ticket I'll add).

It's far too easy to get complacent in this business, so if I have any single advice to offer, it's always be looking for the next deal, even when you're busy, busy, busy.Finding a firm that provides training, tools and systems is a must. 

Most communities have specially trained officers who can deescalate crisis situations and assess the mental (un)health of the Crazy Joe's of the world. 

Neil we've been targeting low property tax town next to train stations in easy commuting distances to NYC.

My advise, do the classroom training.

I started with KW as they have excellent training (but high fees).Once you know what you are doing you can switch to a lower cost brokerage if you wish.

Many times there are teams that they have and are willing to train and mentor you.