Section 8 Property, has tenant

[Joe Swagerty]

I am looking to buy my 1st investment property soon. A house just came on the market at a good price that my realtor wants to show me. We just found out that it has a Section 8 tenant already living there and that has made me wonder if this is a good idea.

I have read the postings on BP about Section 8, the pros and cons, good stories and horror stories. But what I haven't really seen is if it's a good idea to purchase a home that is already Section 8 approved, has a section 8 tenant who has been a long time tenant (we have been told the tenant has been a renter there on and off for the last 10 years).

Also, since this will be my 1st rental property, would it be recommended that I avoid Section 8 or does it not matter? The lure of having the immediate cash flow from Section 8 is tempting, the house is already Section 8 approved. I also don't know if I will have to do all the Section 8 paperwork to get the property re-approved since I will be the new owner or does it automatically stay on their list, and just have the yearly inspection to make sure it is still up to Section 8 standards?

Any information and/or advice on this would be greatly appreciated!! I am looking at the property tonight and then will need to make a decision on if I want to move forward or look for a different property that is not Section 8.

Also, one last note, the lease that is currently in force is set to expire in May. I am guessing I will have to have the Section 8 inspection at that time if I want to continue offering it to Section 8. If I decide against Section 8, do I have to go through the eviction process if the current tenant refuses to leave or does Section 8 make sure tenants leave properties that are no longer Section 8 approved/available?