Definitely open an LLC if you haven’t done so already and once you have a couple under your belt, you will have lenders lining up for your business.

Your success in this space will also translate to different type of business relationships. 

I live in Phoenix and my business partner and I put on a couple local forums for investors like yourself to network.

They were selling on pro forma, but the market and the debt market have shifted, and it's aa lot harder to achieve higher pricing with lower rents.We've purchased over 2,000 units, and the simple answer to the question is that they are either mom and pops and run their businesses with ZERO KPIs, they do not want to risk losing tenants if they raise rents, and they don't treat their asset as a business.When you take over, it can be difficult to get rents to market if they are very suppressed.

@Tonio PearceYes you should create a business plan.

I’m new to the community and I’m planning to start a Section 8 rental property business.

I have found enough business and made enough money not to need to expand outside of this market.Section 8 is a whole different ball game but I find the program is unique in that it's a 3-party relationship adding the variable of a government agency.

If the proforma has the rent roll at $1400 a month, there is a discrepancy that could lead you into a bad assumption on your business plan.Also one caveat, be aware of physical delineations around the area like bridges or railroad tracks or a canal. 

All too typical park owner who took all the profit out of the park without reinvesting in the business then wants to sell you the potential he was too cheap to invest in. 

Quote from @Matthew Cook: Dig into those comps with a realtor doing business in that market.