It looks like a great idea on the surface but the numbers don't stack up from a risk/return point of view as far as I'm concerned (it could be different for you depending on your return expectations).

you can point to your policy (that you provided to them 2-5 different times) and the timestamp on the applications received showing they weren't first in line. 

Talk to different agents in different brokerages and get a feel for what might be a good fit for you.

In our area we have 3 different HUD agencies that provide vouchers to qualifying tenants.  

If you don’t you should choose a different question.  

Curious to know if anyone else does the model this current day. 2019 was a different ballgame than todays market for sure and I think the model can work but it's very few and far between where the numbers will make sense in todays market.

Every program has different guidelines!

Each room will have a separate lease on it with a separate deposit following normal property management practices, and like you said, the leases have different start dates. 

It looks a lot like the "baseball" that was the market in the 80's but still it's also very different. 

Would you take a different approach?