In our24 years of experience, managing almost 100 S8 leases currently, the average S8 tenant has a FICO under 580, numerous collections from utility & cell phone companies, doesn't want to pay a security deposit, much less an application fee and claims they don't know how to fill out their S8 paperwork despite being in the program for several years - hint: they want YOU to do it for them.Most, not all, are eligible for government assistance due to a funeral-march of bad choices.REALITY: you are trust trading one set of problems for another.You can succeed with S8, but you need to understand the challenges and plan accordingly.

We don't allow access to our garage as we have a lot of stuff for the house stored there, but having some cool game area in there or more storage would be nice.

If you have an emergency contact or other info on their application you can try that info to contact  them. 

Now applying this to Philadelphia, you can easily go into areas of North Philadelphia or areas of SW Philadelphia just as examples and find properties that pencil as BRRRR's as easily as it is to pick produce out at a grocery store.

The various "what-if" on neglect, just like with a tenant it's violation of contract terms and you take the applicable legal actions. 

Do you go to stores around there all the time, have friends in the area, have other ties to the area?

Is it only applicable if I then try to rent out a basement that has been converted?  

If and when you buy the building, if there's any leases that have run month-to-month I would have the tenants fill out applications, requalify them and execute new leases with them.

The tenants must have a strong application and a landlord reference with the cat, pay a larger deposit and higher rent, and they are inspected more often.Nothing will stop the odor.

Is your DSCR ratio greater than 1-meaning are you cash flowing (according to the lender's criteria of mortgage, property taxes and insurance (and HOA) if applicable).