You can surely buy cheaper properties and obtain the same debt pay-down, but now you've got 5x the head-ache, so right asset class is more about efficiency when it comes to debt pay-down.Tax shielding is similar concept in that more expensive properties directionally give you more building basis to depreciate, which means less net income to tax.

Some investors think that just because they are section 8 they don’t care where they live, they just want a roof over their head.  

Head-over to the marketing and financing section of BP and you can learn everything. 

You hit the nail on the head...that's where the SFH to Duplex conversion gets financially unrealistic.

I consider inventory rates, price trends, unemployment data, population growth, job growth all to be relevant to where a market is at and where a market is heading.

Thus, heis pretty excited and it has stuck in his head.

Many other projects have reduced or suspended planned CF distributions and I've also had a few capital calls in which I did participate since the business case still made sense (the MF in Florida had a capital call to finish construction and get through stabilization and it still returned the 32% IRR).I expect almost all of the deals to be OK, just later exits than originally projected.I am very concerned about one project and have already written it off in my head.  

@Peter Mckernan hit the nail on the head. 

The first misconception is that you can declare a property headed onto the market only S8 eligible, refusing to consider traditional applicants.

Then reality hits and you find yourself in over your head.