I'd also suggest that the remaining tenant pay only their rent for one month and that you use the security deposit from the other tenant to cover that missed rent.

Even if you get a great deal that is 20% below market, appraisers will typically be anchored by the last sale price and you may be stuck not being able to pull out as much cash as you need to pay off the HELOC.

Together we make about 120k-ish and as were doing this, were actively paying down our credit card debt which together is about 20k at the moment, just fyi.I feel like this is a solid plan, but I'm not too big headed to admit that I don't know everything.

that we’ve learned in our 24 years, managing almost 700 doors across the Metro Detroit area, including almost 100 S8 leases:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Section 8: Rents are too high for the program and cash paying tenants are better overall.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsSection 8: Rents are usually too high for the program.Class C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

If a servicer, continue paying as agreed and allow the servicer to sort out the issue on their end.

However demand is very high, especially for section 8 which also doesn't pay very well because government funding is one of the lowest for Puerto Rico.

Your goal is to get a tenant who can navigate an online portal for maintenance request and paying rent online.   

Yes, the government pays the Section 8 rent timely, but more and more tenants are having to pay a portion of their rent.

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Even if you're paying cash for the rehab, I'm still coming up with PITI in the $3,100 range.