Depending on your income you might qualify for the "Small Landlord Exception" to take the loss. 

Obviously, this can impact your overall cash flow. 6) it’s important to find an agent that knows the area well and understands how to work with an investor, as the process is very different than buying a primary residence. these are all things to consider, and there is going to be a learning curve associated with the process.

I would imagine this will go fine, but like others have mentioned, I would also mention that this notice is to the previous owner and from a tenant who no longer resides at the property.

While a property may have had a Section 8 tenant residing in it at one time, the process starts all over with every new tenant.Screening a prospective Section 8 tenant should be handled exactly the same as when you screen a non-Section 8 tenant. 

Renovating multi-family/condo-conversion (and potential partnership structures for both)I would be so grateful for some qualified advice and more than happy to pay a consulting fee.

The intent is you reside in the property at least a year.

I now understand the island dynamics pretty well, i am also a British virgin islands resident.

Investment Info:Single-family residence other investment.

After learning more it might be favorable for me to sell my unit since it is my primary residence and I have lived longer than two years. 

You would have to have the funds "seasoned" which means in your account for at least two months so the funds do not show up in the bank statements used to qualify for the loan.