@Paul BogardTo rent out multiple bedrooms in Philadelphia, understand zoning regulations, consult a knowledgeable real estate agent, hire a property manager, and consider multi-unit properties, student housing, and co-living spaces.

ALso you should send them to a PM CO now, why deal with the headaches 

My properties are primarily in Arvada, CO, but I have a pulse on the market of regulatory environments throughout the state since I am almost entirely niched to STR investors in my business.

We meet on the first Tuesday of every month and I've made a lot of great connections and done deals with a lot of people I've met in the room (I've been going for over 3 years now and only started co-hosting it this year).

We even had a seat at the table with former HUD Secretary Carson who issued a statement about the importance of co-living, please feel free to ask your AE for that declaration.

@Randall Ayers  It doesn't matter where the lender is located, as long as they can offer that type of loan in Colorado.

My wife and I chose to write down our own rules for both our marital property and our estate, so that it doesn't go to whatever wacky CO law governs distribution of wealth.

They are like a co living situation, specifically ideal for college students.

At a 500-700k budget, I'd look at a 2-4 unit property in places like East Nashville, Colorado Springs, Raleigh-Durham, Richmond, VA, maybe Salt Lake City (though that budget might not cut it there).

Also definitely do a good amount of research about rental laws in Colorado and make sure whatever lease you get a hold of is up to date with those laws.