Cannot speak for myself but I can speak for my (former) neighbor -- bad tenants. 

I am not seeing how many units are in this asset which would help.I would not personally want to be buying an asset that doesn't at a minimum kick off $100/door/month in net income.With only 2-400 in net income per month you are 1 bad tenant, 1 leaky faucet, etc. away from a loss.If you could see a very quick turn around on rent---IE: all tenants are month to month, and we can raise rents $50/unit in 30 days that might keep my interest long enough to dive deeper.Cash Flow is more important than the Cap Rate on this deal.

No this is a bad idea lol

I feel bad for the people who got FHA loans in July 2013.. they can't ever get PMI removed.

After buying my first house while I was working in Meridian I got to know the area pretty well, so when I started looking for another property I figured Meridian wasn’t a bad place to have another rental.

But if they have bad credit or eviction you can deny regardless of sec 8 qualifications as long as you deny every applicant with bad credit or a eviction You can turn away Sec 8 on the grounds that your properties do not qualify as you are not registered or had approval from the program. 

Congrats on the career change.

Don’t be shy of asking for documents and doing your due diligence as the worse case is you don’t and find you bought a bad deal and really wish that you did.  

We have taken the strategy of starting to look for replacement Properties as soon as we decide to sell the relinquished property and we have never gotten burned badly.

It sounds like you are alredy in the right mindset to get your investing career started, so now it's just a matter of doing it.