His existing tenant was moving out and he was going thru a divorce.

From what you say, a section 8 is carefully regulated but in this instance it seems it wasn't.

For my other two properties, I have just used the lease of the PM company, as they have been in business many years and would be familiar with the regulations for their specific states/counties.

I also wonder about the tax impact (full recognition of capital gains at time of "sale") if this is done at scale where the seller may be construed as a "dealer".In my area, quite a few landlords seem to be converting their existing rentals to land contract deals, to get out of the landlording liability and transfer the maint to the buyer, while still maintaining the ability to evict (rather than foreclose) within the first 5 years.

existing financing at the end of the term.

I found some fixer uppers that were sold off market that I could get the seller to seller financing with a bit down and a short term loan (even via wrap when a lien existed).

If the old note still exists, even if it just on one of the properties, the new one would typically be second in line to the old one.

How much do you like managing the existing rental property?

If one doesn't exist, you should sign new ones with the tenants.

Your arguments to the contrary, or soft back pedaling, make you look inexperienced, unknowledgeable and just plain ridiculous.The reason private lenders do not want to lend on owner occupied homes is that those loans must comply with the SAFE act, resulting in burdensome regulations, increased costs, and greatly increased risks of litigation.