Like previously mentioned, screen like any other tenant and you should increase your odds of success.To address your OP, I have heard of S8 millionaires probably because S8 tenants have limited properties to choose from given the number of landlords who won't play the S8 game.

I was using the OP's original tax calculation of $8400

There are pros and cons to each and one could argue all sorts of things given how the OP was worded. 

Most of my op expenses on rentals run about 36% self-managed,  50% with a PM but I've had $30k outflow months so need a fat EF. 60% works for us but we live pretty modestly and don't have a mortgage. 

Might be a good direction to go for the OP... :-) 

This is a section 8 tenant so the OP can't non-renew, I mostly do month to month so I would provide the tenant with a new key and a non-renewal notice. 

I am in a similar position as the OP, looking to start an investing group with some friends/partners.

John, the way I read OP's post, it sounds like a restaurant he owns which he is putting up for sale.

The lack of communication is very apparent by the fact that the OP has been through 15 offers and doesn't know why his offers aren't being accepted.

The CapEx may be lower with the new roof (something I didn't mention in the OP), I plan to manage this one to start so management fees won't be there (but still wanted to build that in), and I wasn't sure about vacancy so I used 10%.