We stick to high quality neighborhoods and homes and are doing really well with it.

And DIY repairs are not recommended for other reasons: it will take you much longer to complete, depriving you of rental income, and you run a high risk of your wife becoming your ex-wife.Same risk exists if you push your wife into becoming a Realtor or some other real estate activity just for the sake of tax benefits.

They are short term loans, usually 6-12 months, high rate, interest only payments. 

I would suggest the same thing to my own daughter.Heck, I have found out many of my members at MREI paid 40-50k to one of the high end "gurus". 

Look for properties with high cash flow potential, good condition, and room for improvement, such as value-add opportunities.

Some general pros v cons - I'm sure other people will provide other insights as wellPros: -Above market rents- Monthly rent payment on time that you don't have to worry about or chase anyone down for (if full pay)- No shortage of tenants depending on your standards - Tenants are incentivized to not trash/destroy the unit, otherwise they'll lose their voucher (Yearly inspections made by local S8 inspectors to keep everyone honest- Rental payouts are normally adjusted 1-2 times a year to keep up with market rentsCons:- May take a little while to get onboarded - dealing with local govt can always take longer than expected   - Generally won't have a super high credit score (to be expected given it's the govt paying for rent)- Each unit will need to be inspected and meet a certain living standard in order to be approved for fundingYou'll want to make sure you work with a property manager who has extensive experience in working with S8. 

Talk about aiming high, right?

We are NOT a fit for low quality assets such as C/D or uber high input such as sec8 or mid/large MFH.

If it's a high dollar home, then no more than $1,000.

BiggerPockets also has a calculator to analyze deals, and I highly recommend you start this as soon as possible, even if you are not ready to buy.