It sounds like they have money, and it sounds like in exchange for that money you're setting them up with an income stream.

@Shawn NofzigerHi Shawn,I came across your post and while I am a long way from Lansing, I work with a ton of new and aspiring investors and the challenges they have getting from idea to action. 

I have a rental agent in charge already established and started the rental registration, but am I really needing to wait up to 2 months to get a tenant in there?

I have bought On-Market, and Off-Market. 

Side question since you have a rental in Santa Ana.

It seems like your ROI is basically the same in each option, but you are taking on a much bigger project to convert a single family to a four-family.So basic calculations, since we don't have a full financial picture, i.e. what does financing of each look like?  

It would have to be a really strong investment to make those numbers work well for you. 

Do you have a strong lease that you understand and can enforce?

I found my local zoning and coding department this year...have an email correspondence with them, hopefully they can help.

@Jason Mayer no, but I have an agent that has a few Section 8s himself who I refer my clients to for Denver/Colorado Springs.