The market-rate housing is made affordable by having a landlord that accepts Housing Choice Vouchers (aka Section 8) and charges a market rent that is below the payment standard.Public housing authorities (PHAs) typically set the payment standards based on HUD's fair market rents (FMRs) at the county level of geography.

And I’m fairly driven right now to provide affordable housing for my market, but still have needed to increase by 50% at times.

I love the fair and consistent style of communicating around this.

Personally not a fan of out of state BRRRR.I think it's a recipe for disaster and having been in the game for 10+ years, I've seen the disaster first hand as I bought hundreds of deals from disgruntled out of state investors who thought they can do it themselves.My property management company has doubled in 12 months also due to out of state investors getting caught with a poor property manager when trying to do it themselves from afar so they come to us for help 🤷‍♂️I'm seeing many investors buying D class crap on the MLS for too much and that needs work.They end up being into the property for 30% more than they would be that if they just bought turnkey.A true turnkey provider will find the cheapest/best deals through a variety of acquisition methods, renovate well and sell for fair market value (And manage in-house).If things go South, they are solely to blame and the penny drops with them.But with DIY, who is to blame?

Is this a fairly common occurrence?

But I am fairly seasoned investor/flipper so I knew what I was getting into... and was able to identify that it was still a fairly good deal ( that is $230K below market price)Although, my experience went fairly smooth so far...

@Rob Dold    I buy a fair amount of tax deeds and I'm less interested in title search than lien search.   

Fair warning -  it is death by 1000 cuts while you furnish a place to make it market ready.

There's a contract in place and that decides who gets paid what- you don't have to like it or think it's fair, but it's a binding document. 

Must use fair market value, no seasoning.