Most of my units are 1 / 1 apartments of similar configuration which has made it a lot easier to slot in new tenants with minimal gaps in the schedule.  

Was going for a 5% down loan but last minute had to adjust it to a 7.5% down but still a pretty minimal cash layout.

@Mary Joe in most states, a property tax reassessment chases market value.So, if you do the 2nd transfer soon after the first, the impact on property tax amount should be minimal.

But, could I minimize risk of renter defaulting on payments for the 2nd property by turning this property into a section 8 housing unit with guaranteed income from the gov't?

By thoroughly vetting prospective tenants, you can minimize the likelihood of encountering non-payment issues and eviction down the line.

Cashflow may be minimal but rates will go down eventually, and at least in Coastal FL, values will go up (even higher). 

Now your tenants are happy, and you have minimized the time you would have spent speaking to your tenants about the delay or fighting a warranty company.

Infinite cash flow with minimal work was the goal.

And yes, the payments are usually handled via a loan servicing company for a minimal fee to the seller. 

That's not reality, so everything has to be averaged out in some fashion.The challenge is owners like to think in terms of the minimal time it takes to do things ASSuming everything goes well.