High demand and still relatively low entry costs. 

That's a very low amount given it's a commercial property.

If my target would be low income residents, are there any grants, tax credits, or funds available to help me with the conversion? 

They must be very low odds because insurance companies are in the business of making money, not paying out maximums.

My clients who invest in Section 8 housing do so in 'not quite' transitioned communities but that have low crime rates.

I've been reading more about subject to and here's what I've learned:-Good for sellers who are off market-Have low to no equity-Have a mortgage with a low interest rate (less than 5%)-Be absentee or out of state (vacant property, or have a tenant)The buyer would then take over the mortgage payments, and have the seller sign the deed over to the buyer.

I feel this gives me the flexibility to find the right solution for my client and not just sell what my bank offers.I'll also throw in my 2 cents on common differences I've seen in my career:CDFIs - Because of their subsidized financing structure, they have the ability to be a low cost lender (and sometimes provide grants).

I've seen some as low as 6k and as much as 14k annually.

. - low vacancy.  

Install low profile LED lights or wall sconces.If this is an investment property you need to be thinking about returns.