Just make sure you are pretty firm on the numbers as it is easy to get smoked on the first couple of deals by missing some of the items I posted above. 

Almost half of my portfolio has Section 8 tenants in it and as non section 8 people move out i try to move in more Section 8 tenants but i make sure my property manager screens them THOROUGHLY....not with just what's on paper regarding credit report, income and past criminal activity (If any).....I make sure my PM screens to make sure they have no pets, no evictions, no smoking OF ANY KIND and no felonies and we still get TONS of people calling...the biggest problem becomes picking someone from who is left.   

When a investor suggests they are earning XXX per month in positive cash flow they are blowing smoke.

When someone blows so much smoke and is so quick to get nasty & personal instead of addressing the substance of the discussion.....well, such tawdry behavior reflects poorly on that person's judgment & credibility. 

In my market and my experience, smoking hot deals aren’t being found.

Son with serious anger issues who had smoked in the unit etc. 

We will not allow animals or smoking, which will limit our tenants but also mitigate associated risks. 

Also if it is just paint and a little cosmetic stuff unless you got a smoking deal you may not have enough equity to refinance out into a favorable long term conventional loan.  

My husband just went down in our tenants basement to replace the smoke detector and discovered water marks from a very obvious recent flooded basement.

Toyota, Honda, or some old piece that you could trade Grass Cutting for the summer and a Carton of smokes for, at some point or another may need a jump.