I have worked with several clients in a tax capacity who are involved in informal partnerships.

4. what all more is involved with Section 8 tenant than a normal tenant moving in from paperwork or procedure point of view?

It involves minimizing living expenses, building equity in one property, and leveraging that equity to buy another after a year.

Am I **** out of luck here or can I get a lawyer involved? 

Hi Carole,In a competitive market, the most effective financing strategies involve being prepared and proactive.

Ultimately, it depends on what’s going on in your local market and how involved you want to be in managing it.A firend of mine who was managing a similar property in Scottsdale ran into some issues during a vacancy period.

I've been listening to BP for years now and just now getting involved in the community element.

Regardsless whether or not there was seller financing involved.

Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.

Another option is assuming the existing mortgage, which would involve contacting the current lenders to explore formalizing the arrangement and having the properties deeded in your name while taking over the loans.