thank you for the insight Dan at this point I am looking into different ways to get funding so once I do that and then have some extra for contingency I will be ready to get my feet wet!

The home can have up to THREE extra Units - but if it does have more than two, there will be a self-sufficiency test whereby your mortgage would need to be 100% covered within 75% of appraised rents from those other Units.

You might have to calculate some extra days on market, especially if your home isn't renovated competitively with the market, but it will be well worth the wait. 

Their are two things that matter in this circumstance #1 how many bedrooms the tenants voucher is for and #2 what is their maximum allowable rent that section 8 will allow them to pay based on their income.To your first question If you accept an applicant that has a voucher for $1000 that is the maximum amount that your housing authority will allow you to put on the lease, so in essence you will lose out on the extra $200 a month.

Last week I had a new construction and the buyer went through quicken.. these guys were horrid took an extra 8 days to close because of their rules.. if they used a local lender they would have been in the home a week earlier.. and they were camped in a hotel.. and whinning like crazy that we the builder were at fault when it was their lender LOL.Account Closed  I think you taking the contingencies comment a little out of context.

I used to paint apartments in that area with my brother for spare cash and we would have to bring an extra guy to watch the truck.

Around the doors and windows would also present a problem with extra casing and trim. 

You borrow money from HELOC, when you have extra fund, pay back to HELOC and you can do this over life of HELOC.

Is that because you didn't want to go to all that rehab effort AGAIN, for a (mere) $44.5k improved value, if you had to spend that extra $25k to get there?

That always works take the extra time to stop in and say hey and tell them yourself as an agent!!