Secondary Markets Are ThrivingOmaha and San Antonio are two examples of secondary markets where the cost of entry is still reasonable.

As others say, make it crystal clear in your listing that the "shells may cut a dog's paws, and we don't allow pets." 

What bylaws should I consider and what business strategy should we implement?

Definitely screen properly and don’t cut corners!

Low cost housing is a huge motivator to change behavior and keep their housing voucher. 

Thus, when a foreclosure sale is held, you can set the bid amount up to the amount of the total debt, which would likely increase from 80K to include the legal fees, receivership costs(we suggest 5 - 10% of the rents collected), repair costs, additional accrued interest, minus rents collected.

So, the additional cost to them is more negligible.

Yearly increasing costs will, in time, eat up any profit they have per unit.

Looking for 1% deals will be cutting things close. 

I've stuck with the tried and true reasons I've heard to keep my search ranking high (quality photos, stellar reviews, updates to my listing) and that helps but in slow season, when I'm not willing to cut my rates as much as some of my competitors, it can be a ghost town.