I suggest you be patient.

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.  

If you are willing to do some value-add, pulling off a BRRRR is still very possible, but be patient for the right deal. 

It seems like location would be especially critical with pad-split (and similar systems), but I’d love to hear your thoughts on what to watch out for in terms of zoning, safety, or demand.Also, I’ve traditionally rented out units the regular way, so I’m curious how screening tenants works for you with the pad-split (and similar) model.

TDAs offer peace of mind and a safety net, while real estate provides growth potential, tax advantages, and wealth-building opportunities.

We are fair housing compliant regarding animals.Our tenants’ safety and the peaceful enjoyment of their home is important to us, so we do a credit/criminal background check on all applicants aged 18+, as well as employment and prior landlord verifications.

The reason i have not purchased lately is I do not want to be that patient to wait for a good return, even though I am confident it will be a good return 10 years after purchase.  

This is all a safety net for landlords to not have any liability from a tenant if they are providing false information.

This is really what it should be as unsafe units should have to address the safety issues before they can be rented.  

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