Taking over a section 8 tenant

[Ryan Horan]

We currently have an Indianapolis duplex under contract. The property is tenant occupied with section 8 tenants. I've searched for information on taking over a section 8 tenant, but it seems to be unclear. We are not registered to receive funds via section 8 and am unsure if we will be able to immediately following the closing. Has anybody had any experience with this? They are currently month to month. They are paying well under market for the area and the current landlord hasn't raised their rent in 4 years. They only have a $99 security deposit. The ultimate goal is find new tenants that can pay market rent (they are paying $700 currently and we think we can easily achieve $900 per side). Inspection upcoming next week and we plan to talk to the tenants and explain that they can apply (assuming they meet the requirements) to stay via our typical leasing process (background/credit check, 1x rent SD) at the market rate we determine. Has anybody had any experience with this? We have never accepted section 8 tenants in the past, so unsure if we need to do something to collect the month to month rent once we close. Assuming they can't afford market rate and we give 30 days notice, I think offering a certain amount to keep the place in good shape is a solid strategy, but what if they just don't want to leave? Will we be able to at least collect the section 8 checks until they vacate? Any help is greatly appreciated! I plan on calling the Indianapolis HUD office Monday to determine options and learn procedures so I make sure I'm doing everything correctly.

Thanks,

Ryan