Sectin 8 Tenant in place at time of purchase

[Jason Krawitz]

Happy new year all! I am under contract to purchase a SFH with a section 8 tenant already in place. First time dealing with section 8. This is my 6th single family rental. This is in Chattanooga. Rent is current about $300/month under market rate. Tenant has been in place for 8+ years. House is 4 bed /2 bath built in 2006. My intentions are to raise rents to market rate within 60-90 days of acquisition. What do I need to be aware of? How much input/control does section 8 have in this? Seller tells me he has no lease (hard to believe with section 8. I imagine the state has a lease on file somewhere). Seller says tenancy is m2m. I have a Chattanooga Housing Authority letter confirming the current rental rate as of Oct 2020. Any advice is welcome and appreciated!