Transitioning low income, LIHTC & section 8 to market rent

[Stephen R.]

I'm looking at a 50 unit foreclosure in Texas that is currently 100% low income, rent restricted housing. Because of the foreclosure the rent restriction will not pass to the new owner. Although the property will cash flow as-is, my intent is to transition the property, or at least a portion of it, from low income to market rents. I know there are numerous groups that would oppose such a move (even in Texas) so I'm looking for anyone that may have experience with this strategy and can offer advice on the hurdles I would be faced with.