Most PM software allows late fees to be charged.Ours allows us to absorb the cost of tenants paying electronically thru the software - it usually wants to charge tenants, but we want them to pay electronically.We manually charge tenants a Processing Fee for mailing in their rent, a slightly lower Processing Fee for depositing to our bank.Your success will depend on the Class of your tenants.

I know of at least two big players in the lending space who have begun asking for a higher rate if you had in a sec 8 / HAP leases.

@Will F. some of this will depend on what you have to lose if you were sued.  

However, if the FHA interest rate is lower, I would still go that route and if rates drop refinance  however keep in mind FHA has PMI for life  Here you go

There sure are fast track approaches to this but really depends on strategy. 

Most of our out of state investors in Pittsburgh find success depending on their expectations.

Interest rates don't help, but investors were also successful in the 80s and 90s with rates in this range. 

I've now used it twice.The program requires 10% down, must be a rental, no PMI, and has a very high standard of credit.Last I did it (Summer 2022), my rate landed in the low 5%.  

They should do a cash out refinance or a HELOC when rates go down to tap the equity. 

Quote from @Brandon Bell: I've owned a property for four years with a standard fixed-rate mortgage, and now I'm looking to convert it into a rental.