I have a Series LLC I use to collect income for my consulting business, but the income goes to my personal checking account.

currently fully rented and waiting to collect!

If you would have simply held on and collected rent for 72 months, you would have been up money...and that is buying at the peak right before the biggest real estate bubble in modern history.

@Anthony Roberts per our knowledge, Toledo has a lot of Class C properties/tenants.So, most of your applicants/tenants will have FICO scores under 620, many even under 560.For this Class of properties/tenants, we only look at the background check for violence-related convictions, evictions and utility collections (can they get utilities in their name?).

If you find a new tenant, prorate any fees they pay you so you are not collecting 2 rents on the same day. 

Generally speaking, we would encourage you to screen your tenants - whether they are section 8 or not.We would encourage you to collect a deposit - whether they are section 8 or not.A tenant can certainly be a "good" tenant or a "bad" tenant - whether they are section 8 or not.Now, if you are targeting lower valued homes...there are "pros" and "cons" to doing that - whether you are renting to section 8 or not.  

I would consider looking for a 2-4 unit so you can at least occupy (1) unit and collect rent on the other unit(s) and at the 6 month mark evaluate your LTV and situation.

You can also collect rent inside of these, direct from their bank account.

If they do inquire we just say we have plans for an extensive reno or the owner is requesting the unit emptied.

My quick math is if I'm collecting $75 more per booking at a conservative 40 bookings per year that's $3000 in extra revenue.