If not rented at fair market rent, this property will just count as your residence, not a rental for tax purposes.Structuring the property under an LLC or land trust could trigger a due-on-sale clause, so check with the lender before proceeding.To minimize risk, consult a CPA for tax strategy, weigh financing costs, and draft a legal rental agreement.

Hi EdwardThe main benefits of section 8 include guaranteed rent payments from the government, which can provide a steady income stream and reduce the risk of vacancies or non-payment.

So next tenant goes to a FREE tenants rights/advocacy group, who is all too happy to jump all over it.

I was going to type “don't take uncomfortable risks.”

There ain't no such thing as a free lunch. 

Alternatively, keeping the properties offers long-term equity growth but with lower cash flow.Ultimately, weigh your ability to manage future cash flow, your risk tolerance, and your long-term goals.

The first house I bought, I lived there rent free, AND mortgage free, while renting rooms to other people.

Any suggestions on how to get started, some risks to be aware of?

Especially if once you move out, you won't have any contigency or free cash flow for repairs or vacancy. 

There isn't a lot of things you can do to mitigate the risk.