I'm trying to understand if the lease begins on the day of closing or the day after, if closing is at 2pm. 

Asking them implies they have a choice.

say you find a solid property in a low cost market for $200K and you buy it.between down payment, closing costs, rent ready / spruce up costs, and lease-up costs, you're probably going to need at least 50-65K in cash. 

No 1.75% funding fee so conventional loans typically have less closing costs.

Out of the blue yesterday, I get an email that they closed my account. 

Hi All,First time looking into Section 8 investment property in Berwick, ME. What is the experience with this program - Pro/Cons, watch outs, etc?.  Is there $$ to be made as an investor? Thanks in advance

Since you won't be able to recognize it as a valid rental if you're charging under market rent and you also expect to be covering any house expenses that are outside of her budget, this seems the best choice. 

Because of cost, duplexes are are a better choice and compete well with SFH and or apartments. 4.  

If the property is close by, it’s easier to handle on your own.

Quote from @Garry Lawrence: Hey everyone,I’m 19 and about to close on my first rental property!