What to do sell or rent(section 8)?

[Christian Podedworny]

Hello,
I am new to the forum and started investing in Florida real estate last year. This is my current situation, I purchased a distressed property at auction for pennies on the dollar, after putting several funds to rehab the property it is looking great. I face 2 issues, 1) The purchase and renovation has totaled $29,500 and I tried to rent it to a lady through section 8 for $1,000, but she did not qualify. I became a little frustrated because my hopes were high getting $1,000 after it did not work out I thought section 8 was not the right avenue to explore. After the decline of the section 8 rental I spoke to my broker and she told me section 8 attracts low quality tenants who may damage your home. She discouraged me to rent the home through section 8, now the home is listed on MLS and I am looking to get $47,999 or an amount close to the asking price. The home is not in an affluent area, it has had some break ins reported in the neighborhood and there are police patrolling the neighborhood at night.

2) If I cannot sell the home and make a decent return on the transaction I think I may just hold it and try to rent it through section 8. After having read several posts on these forums I am convinced section 8 can be more profitable and a more steady flow of income then selling the house and trying to hunt for the next deal. The home does not have proper title insurance and in order to get title insurance I have to attain a quiet title which will cost $2,500.

I would like some advice from those who can point me in the right direction, I greatly appreciate your help !