@Sean McGrady: no one can give you a number, because we don't know anything else besides 3.5% down and you have 5k.  3.5% of a 200k purchase price is $7k, plus several thousand in closing costs, plus some level of reserve capital just to make sure you can fix the furnace when it breaks.  

We decided to sellBecause we moved across the country and having the extra cash helped to start more projects get our new personal home and have some reserves.

Also,  dont spend every last dollar you have for the downpayment,  have a reserve. 

This is an investment for both of us, and I am only planning on living here for one year - so we aren't going to be picky when it comes to finding the property.We both have enough money to pay for the down-payment and 3 months' cash reserves, so this is not an issue.

I personally would have some reservations assuming a long term hold but if it’s a good deal, it may be worth scooping up and holding short to medium term.

She called the Title Company and confirmed they are still processing the documents and would get back to me ASAP. 

This sounds like a tight deal, so if you decide to move forward, make sure you have some reserves in the bank for a rainy day.Good luck on your journey!

Not to mention the purchase price is much lower which would allow my capital to be spread a tad bit further.Thankfully, since I still hold my license, I can use the commissions earned as well to cushion some of the downpayment/reserves needed upon closing.My questions are below and I would appreciate any/all feedback for those who buy/hold affordable housing/section 8:1.)

@Thomas CryerI like to keep a third aside for reserves, repairs. 

@Philip Joseph, thanks for confirming that my instinctive reservations about Macon are mostly accurate.