When it comes to renting to Section 8 (S8) tenants, there are definitely pros and cons to consider:Pros of S8 Tenants:Guaranteed Rent: The government will pay a portion (sometimes all) of the rent, so you'll have consistent cash flow.High Demand: There's often a waiting list for S8 housing, meaning less vacancy time.Cons:Property Inspections: Your property will need to pass regular inspections, and repairs/maintenance must meet specific standards.Tenant Screening: Just like with non-S8 tenants, tenant quality can vary, so thorough screening is still essential.As for the down payment, yes, most lenders will require 15-25% down for investment properties.

If you plan on purchasing the following year, show your tax returns to your lender before filling.Your statement brought up another great point- properly documenting improvements separate from repairs and maintenance. 

Here are the variables you'll need:ARV (After Repair Value)Estimated Repairs (add a 10% contingency)Estimated RentPurchase PriceEstimated PITI (Principal, Interest, Taxes, and Insurance) on the refinance sideIf you know these values and ensure that your all-in cost (purchase price plus repairs) is 75% or less of the ARV, and that your rent will cover PITI + vacancy + maintenance + property management, then it's a deal worth pursuing.The BRRRR model is a fantastic way to build a portfolio and is still very feasible—even in 2024.If you're interested in more info, feel free to shoot me a DM—we can connect, and I'd be happy to assist you.

We always schedule a walk through inspection noting repairs that need to be done soon or eventually.I've recently closed on some wholesaled properties and against my better judgement used the seller's choice of a closing attorney.

For example, if you think 25% of the units will turn over in a given year you might have to paint the unit, make minor repairs, and then pay an agent to re-lease it.

If you have current rentals properties on your tax return reporting for a full tax year, we'll use the net after expenses but add back depreciated and any one time extraordinary repairs.

A Qualified Intermediary (QI) is required to handle the funds and process.Selling “as is” can save you from repair costs but might lower the sale price. 

Can I deduct any expenses incurred throughout the entire year 2023 for that property such as utilities, insurance, repairs, mileage, maintenance and improvements?

A missed sewer line can be a 20-30k repair alone, but more commonly you are going to be over budget $500 here, $1,000 there, and when you add it all up, it becomes $20k very quickly.

My strategy is to find a good agent, analyze the off market deals presented to me on either SF or MF within my budget, account for some repairs so I don't want to buy turnkey but also don't want to BRRRR from out of state (at least not yet), and rent to section 8.