Can I convert a regular tenant to section 8?

[Jacoby Atako]

So I am in the process of purchasing a home at a big discount to an elderly lady. Part of the agreement I made with her was to lease the house back to her at an extremely reduced price from normal rents.

She's 80 years old and on social security so we worked out a deal that should work for both of us. Her social security is only $1k a month, but she will be about $75k from the purchase. My question is, can I help get her qualified for section 8, and also try to qualify the home as section 8 at the same time?

From what I'm understanding I can both get much higher rent and reduce her monthly rent at the same time. Is that even legal and/or doable?

[Account Closed]

So you are giving her $700/month break in rent so that's 8400/year. In exchange you are getting about 50K in extra equity. She breaks even after about 6 years of living there. So you sold her an annuity of $50K at 16% interest. An immediate annuity for a 75 year old today pays about 3.5%. So I guess the lady is getting an awesome deal!