I don't think it really needs it but better safe then sorry.Other major factors are it is on well and septic.

Now I would like to expand my investment portfolio, and with that apply some of the knowledge and techniques used by professionals such as yourself. 

If you look south of Ireland Rd, anywhere between US31 and Ironwood Rd or even east to SR 331 would be safe and probably have better tenants than inner city.

I believe that there is profit to be made on almost all real estate transactions if it is acquired using the right technique per given situation.

The work around is the same LLC technique. 

How do you remove or seal that up to make it safe and legal for a homeowner or tenant?

I am crushed thinking we have to move after he has become comfortable and safe with his surroundings.  

I don't usually put much faith in partnerships but if you think you can find a partner I think you could still do this deal with an experienced partner to help guide you through the process safely.

Seeing that I am not adding any square footage (in same total btu demand) ,  is it a safe assumption that the existing boiler will be sufficient even with 1 or 2 additional radiators?

@Brian Kennedy  an attorney is almost always recommended just as safe guards against things you may not know about or havent thought about..