16 units- currently Section 8

[Mark Devereaux]

I have a good lead on a building with 16 units, Section 8 housing.  Small, rural town near my hometown.  We already own a 24 unit, non-section 8 and have turned around the tenant base from not-so-desirable tenants to very good tenants.

We are not totally familiar with HUD/Section 8. Are there any lengthy contracts with Section 8 regarding the building? As the tenant base turns over and leases expire, would it be up to our discretion as to whether to continue units with Section 8? Or are we just bound by each individual lease?

We would like to buy the building right, transition from Section 8 to non-Section 8 into the future. 

Thanks for any input.