The house Is only only valued at $160-$205 (range from various sites)Zillow estimates Foreclosure Estimate: $82,006.I did my research, found out all the parties involved.

Think about it this way- two IDENTICAL homes are for sale, with the only difference being that one was the site of a brutal murder suicide.

I am just starting out on my Real Estate journey...a little later than many on this site. 

Site is here - http://www.bacchusrealtygroup.com/ - and I know Angelina pretty well if you'd like an introduction.

excellent, I figured it was pretty simple like that...your thoughts on distributed the quarterly payouts from the investment entity?

Search the site it is full of ways to make deals happen. a quick listPre ForeclosureForclosure auctionsREOtax saleMLSFSBOWholesalersdirect mailProbate/estatesvacant housesA lot of my deals are bought and sold at auctions. 

Christian Welcome to the site Christian.

A "simple" question but get different answers from rent control office and property management company: is my unit under rent control?

Please click on the links, give them a read, and share your thoughts in the comments.First is a post that I feel will help not get overwhelmed with the amount of info that is here on BP:https://www.biggerpockets.com/blogs/5868/52761-the-simple-guide-to-getting-started-on-bp The second is a post that will help get you focused with your real estate investing goals:https://www.biggerpockets.com/blogs/5868/52743-im-new-to-bp-any-advice-would-be-appriciatedThe last one is a post that will help you choose an “investor friendly” real estate agent.

Keep it simple.....Find out when is the last time their rent was raised....if it's been over a year.....ask the housing authority in writing about raising it to market rates....then see what they say.....Sect 8 tenants CAN be a source of guaranteed income so don't kick them out arbitrarily .....only to end up with tenants that pay "market rate".....but are constantly late on rent or causing problems....I have Sect 8 tenants and non sect 8 tenants in Ohio and California and my Set. 8 tenants are FAR less "maintenance" than the others.