One of the long term tenants renting the top level was interested after I let him know that he would be essentially paying close to the same amount if he kept renting the basement to the current tenant. 

The judge can't look at the bank paperwork and say "hey, you did not do your face to face meeting, no foreclosure".   

Hi all, If I'm considering purchasing a duplex where one unit is a Section 8, is there any additional documentation/paperwork beyond the lease that I should ask to review when conducting my due diligence/property analysis?

The draw back to these loans is that they are more paperwork heavy than the other "portfolio" types of loans....but if you have ever received a loan on your primary home, it's likely that you will go through the same type of paperwork here with conventional lending.

They have way more paperwork, they typically have lower LTV's and typically demand rehab draws as opposed to lump sums provided to the flipper.The good thing about going to a professional hard money lender is that they will evaluate and underwrite your deal and if it is not good, they are not going to lend on it which is another wall of defense to the beginner rehabber who thinks they have a deal but actually do not.

You make money on the spread, but you don't have all the risk that comes from "owning" the property, but you essentially "control" the property with a lease.

If you decide to go that route, make sure to have a real estate attorney drafting the paperwork for owner financing. 

They will handle the process of title work, settling taxes and filing mortgage paperwork.

There will be a third party being brought in as a debt partner who will eventually be bought out.SO, you’re saying that if someone brings a down payment and I run all the operations and essentially manage the property I deserve less ownership?

For example, one of my rentals at State College already had a permit in place and it was immediately transferred to me when I went to the borough to fill out paperwork.