Trouble Dealing with a section 8 tenant Before making the deal.

[Vincent Plant]

I'm contemplating buying a property as a rental income property. The property is listed for a great price and was interested right away. I went to schedule a showing (I'm a Realtor) however the listing agent informed me that the property is occupied by a section 8 tenant who is being combative and not allowing anyone in the house because she's worried she will be kicked out if it sells. 

In this market, with a price like that I didn't want to risk losing it. The listing agent told me it rents for $1,250/m and I did a drive by and decided to go ahead and put in an offer for full price with a 15 day inspection contingency, as well as a requirement to provide a lease to give me an opportunity to pull the plug if I saw it was banged up too bad. 

The listing agent verbally accepted my offer but didn't feel right having the seller sign it without giving other agents an opportunity to schedule a showing. She also sent me a one page agreement with section 8 and the seller stating the property rents for $1,019 and claimed there is no traditional lease between the seller and tenant. 

Here we are about 5 days later and this tenant has still not allowed anyone in the house (owner claims to not have a key). I have no lease from the seller, no idea what condition the interior of the property is in, and no idea really about what type of control I will have over this tenant once I take possession (Can I raise her rent, can I have her removed, etc.). 

I know that this place can rent for probably $1,300-$1,400 and will be a cash cow if I am able to get the right tenant, but is it worth it?