Also - I dont want to be tied to having to provide CHA housing only. is there a provision in Chicago area for those who are CHA authorized landlords, they can choose not to do that (even while actively qualified?)

But I could also 1031 exchange it later, if I choose to sell after that time.

If you choose to accept it, make them apply and pass your screening, add them to the lease, and charge extra rent to make it worth your trouble.

I know you were asking what other options, and I think this is something you can do in addition to whatever you choose.

@Emmanuel OlaIf you can get a longer term conventional loan I would choose that over a hard money loan every time - this is of course assuming the hard money loan has higher interest rate as well as a shorter maturity date

I suggest you choose your inspection company carefully.

Never buy a property without seeing it personally AND having it thoroughly inspected by someone of your own choosing. 

If they choose to leave, then I would give them no more than 60 days to vacate, clean the place up, and rent it for market rate.

I’ve worked for the Newark Housing Authority in NJ for 5 1/2 years and I will tell you, if they found out you were making side deals aka having the tenant pay more than what they were approved for, that will lead to debarring the landlord from any future S8 deals if he/she chooses to.

Team,What CRM do you use for your business and why did you choose it?