Prioritizing cash flow, mastering property management, and learning basic repairs can make a big difference.

However, the reality is that a tenant can break their lease at any time by just not paying and the owner will lose that income; so a lease is just a false sense of safety. 

My only concern with renting it out room by room in Philadelphia is my safety as my roommates could be psychopaths.

It's so nice to have that safety net.

Hey Lenny,Love to see that you also got the Real Estate bug so youngI recommend a BRRRR/house-hack for your first oneBuy a place that you can live in with a low downpayment, fix it up, and then you will have the option to 1) Refinance and live in it2) Refinance and rent it out3) Sell and do it over again4) Dont refinance and continue to live in it5) Dont refinance and rent it outYou will have a ton of flexibility and the safety of knowing you have a place to livePlease reach out via DM if you have any questions moving forward.

We have not disabled ours or converted to gas, but Tenant must sign a Fireplace Addendum stating if they use it, we require a higher renter's liability policy with us as additional insured, rules on wood, storage, use, safety, they pay for yearly professional cleaning each year they are there, etc.  

Thankfully I have no property in NY.I loved this quote which shows just how clueless people are about housing issues:“Housing instability is at the root of so many problems facing our city, such as exacerbating homelessness and hunger, failing to meet our children’s educational needs, and undermining public safety,” said the CWTU in a statement.

Keep in mind that I am selling them as affordable fixer uppers and usually only address any health, safety, and functionality issues.

But it also depends on your risk tolerance- if you have a decent safety net, you can leverage yourself a bit.

Prioritizing is SO hard!