Another downside is you loose on the advantages, of the Federal Tax Code, by not closing in the name of a LLC.

I had the AC serviced and a fan motor on the outside unit had a loose wire.

Hi Guys, well I love talking about this also, I was Investment and acquisition analyst, for a large private equity firm during 2008-2010 so you know there is some stories, I did well I didn't loose money I made money of the tape sales and bonus after bonus, so I open my own investment consulting firm and first time investors is one of the first questions, how long is this going to last and I say market regenerates, every 10-12 years, so 2020-2022 something will happen, bad its no gonna be good for ever, recently was having lunch with a group of analyst and big time developer and they keep saying it has no more the 6 years till our next crash what you guys think.

I am usually pretty conservative on my ARVs but 300k sounds pretty high.If the ARV was 300k I think a lot of flippers would (with a 35k repair bill) be at closer to 185k.Break down:Closing their sale, 3kfees to real estate agents 22.5kholding costs 12kOverages    15kRepairs 35kSo that is a total of 87.5kIf they paid you 217750 they would loose 2750 on the deal. 

Another downside is you loose on the advantages, of the Federal Tax Code, by not closing in the name of a LLC.

Out of curiosity, do you have any buyers/sellers remorse due to maybe more loose inhibitions?

@Nils Orliczky There is actually an entire industry built around selling houses with tenants in them.It is called "Turnkey" and is one of the most regularly discussed topics here on Bigger Pockets.Some neighborhoods you will loose potential resale value by having a tenant in the house, other neighborhoods you will actually gain resale value by having a tenant in place.

I would definitely make sure that the existing owner does NOT sign a new lease for section 8, otherwise you will be bound to those terms.As for your question about taking section 8, the answer is no.

Since it is an old home and some of the plaster is loose, it too needs to be knocked down and replaced with drywall.The paint on these walls may have lead based paint and dropping plaster will create dust.

It's all a numbers game and you have nothing to loose.