There are kinds of guru's who will help you buy section 8 properties in a turnkey package including the rehab the property will need to get it rented.

Build a strong team, including a knowledgeable realtor, lender, and contractors, and spend time understanding your local market dynamics, especially in areas like Orlando or Tampa where demand is strong.

THE VISION: With 130 units and 8 buildings plus a wedding and event venue, our vision includes revamping this space into a dream hotel.

I've talked to lots of California and a few NYC investors that have lost money (including myself) who bought inexpensive properties in the Midwest mostly and a few in the South (Class C is volatile). - some strategies I've seen California investors use to lessen negative cash flow: house hacking, mid-term rentals (people temporarily displaced from home renovation or insurance reasons like fire), rent by the room, Short Term Rentals. - The ultimate house hack, live in the small ADU unit and rent out the two levels of the main house on AirBnb in San Francisco (I would have thought STRs are oversaturated in S.F. but it worked for them and they stay fully booked).

This should include potential rental income, expenses (including property taxes, insurance, maintenance, and potential vacancy), and your expected return on investment. 

I even included that in my "Debt Strategies" presentation that I give at local events.

Keep in mind that BRRRR strategy advocated on BP by Josh and Brandon includes leverage and pulling all your cash out of the property.

Clearly define terms, including an exit strategy, buyout options, and how proceeds will be split.

I like new construction since there isn't any deferred maintenance and the properties should be relatively maintenance free for the first couple years (although it's good to include maintenance/repairs in your pro forma and maintain reserves just in case). 

I also included some instructions to help.