Unfortunately, you miss out on a lot of the cool tax benefits you’d get with long-term real estate investing—like long-term capital gains rates, bonus depreciation, 1031 exchanges, depreciation, etc.Another thing to keep in mind is that when you buy a property to flip, you can’t just deduct the purchase price right away.

I would say, your best bet is to reach out to property management groups in your investment area that specializes in section 8.

You best bet is to contact a realtor, and have them run comps (most will do it for free).

Right now I think your best bet is to call your insurance and go through them.

So, if you are paying the tax on that every 5 years whether you want to or not, it is not nearly the same advantage as one's own direct investments where they can 1031 exchange over and over until death and NEVER recapture that depreciation.

I don't know Waco economics at all, but I'll bet there are 1000 units of some kind available for rent a town of 140-150,000 seems like a lot to me. 

The listing agent told me that I have mention in the offer the seller is doing a 1031 exchange.

If so, your best bet is to graduate debt free. 2.

I'm currently the founder and CEO of 1031 Prime, a tech enabled 1031 exchange service to help keep taxes at bay and support the defer, depreciate, and die model.My goals for the next 18 months are to continue to grow 1031 Prime by servicing my fellow real estate investors and buy a small MF property, Ideally 4-8 units. 

You are asking legal questions and your best bet would be a quick consultation with a knowledgeable real estate attorney in your state.