Denton County offers opportunities in suburban and college town markets, while Grayson County provides affordable entry points with cash-flow potential.

Their pro formas felt optimistic with providing 6% annual appreciation and property management that is only about 6% of rent so I take it with a grain of salt (they offer their own property management services but it has terrible reviews on Yelp so I would probably go with someone else). 

Some general pros v cons - I'm sure other people will provide other insights as wellPros: -Above market rents- Monthly rent payment on time that you don't have to worry about or chase anyone down for (if full pay)- No shortage of tenants depending on your standards - Tenants are incentivized to not trash/destroy the unit, otherwise they'll lose their voucher (Yearly inspections made by local S8 inspectors to keep everyone honest- Rental payouts are normally adjusted 1-2 times a year to keep up with market rentsCons:- May take a little while to get onboarded - dealing with local govt can always take longer than expected   - Generally won't have a super high credit score (to be expected given it's the govt paying for rent)- Each unit will need to be inspected and meet a certain living standard in order to be approved for fundingYou'll want to make sure you work with a property manager who has extensive experience in working with S8. 

So, your focus may need to pivot from high rental cash flow to little to no cash flow as a rental with an appreciation upside.I would recommend taking your $150K to $200K and securing a solid equity position in something that will cover its expenses and maybe provide a small cash flow, but then is poised to appreciate nicely over the course of the next several years. 

If it's currently an STR they should be able to provide you with the p/l statement from prior years so you can see gross rents, operating expenses, average daily rates and occupancy levels.

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They gave me decent terms on financing the rental and providing rehab funds but it did not make sense with me being so close to finished. 

The utility company doesn't manage your property...they provide paid services until they're not paid anymore. 

That makes your bookkeeping easier, and it can also provide liability protection if you hold title in an LLC.

With the amount of support they provide I am not against settling for an 8/10 deal.