I am a first time investor. Want to purchase a tenanted Section 8 property. I understand that the majority of the risk in Section 8 is from tenants damaging the property, therefore depreciating the asset over time and leading to high maintenance costs. What are some creative ways I can do my due diligence on the tenants? I understand that because I will be taking on an existing lease, I will most likely not have the opportunity to do my own full background check. Here are my initial thoughts:
-Making the offer contingent on seller showing me background check documents from their due diligence
-Requesting for a walkthrough of the property after the offer is made, and reserving the right to pull the offer if the house is not maintained well
Are these ideas practical? Do they violate any existing restrictions? Any other ideas on how I can go about this?
Thank you so much!
