Everything I've read so far seems to imply that I should get them in closing since I will be responsible for giving some or all of that $ back to the tenants I am inheriting if & when they decide to leave.

The (very ideal and often unachievable) purpose of the program is actually to get responsible low-income tenants out of bad neighborhoods by giving them vouchers for a percentage or all of the rent in any housing they can qualify for.

will I receive the money in installments or all up front?

Or all might be just fine ......... but either  can't be predicted with certainty

If you bought and renovated right you should be able to refinance out at 75-80% LTV and get most or all of your  money back out.Bottom line, if you have no money to invest there is no easy way to build a portfolio quickly.

I certainly keep an eye on MANY financial indicators and have my bachelor's degree in accounting (right before most or all states changed CPA exam and thus accounting degrees to a 150 credit endeavor) so I know my #s well, but no one has a crystal ball yet as far as I know!

have you considered buying a multi unit property with FHA (with your 640 score FHA is the best unless if you're a veteran then VA is the best).If you buy a fourplex, you could utilize 75% of the gross income from the other units (FHA assumes you live in one of them) to help you qualify.Often times, in areas where rent to value ratios are higher, you'll be able to use just the rental income to qualify most or all of the property itself so this means you'll need less of your own actual working income to qualify.Let me know if that helped or if you had some questions about this strategy.

Even if things go great, you will have a lot more stress and frustration between either your husband, brother, mother or all three.

Hi BP Community! We are really excited to be getting our first rental at the end of the month! That being said, we need some advice on how to handle some things. The current tenants are long term tenants in the bottom...

The lower has lived there for almost a decade and is on an oral month to month lease.