Where I live there are many benefits to the voucher program in addition to guaranteed payments. 

This is because most of the financing comes from government programs and they, of course, prefer to keep as much investing as possible within the country.  

Purchase price: $45,000 Cash invested: $40,000 Property Renovation Overview: 1453 Southfield Dr, Columbus, OhioWe are excited to showcase the extensive renovation of 1453 Southfield Dr, a testament to our dedication to revitalizing living spaces and enhancing the experiences of our tenants.

The Housing Choice Voucher program here is run by CMHA (Columbus Metropolitan Housing Authority).

Generally it's a mix between (a) spec builders, the type who specialize in doing in-fill lot's (b) investors, as it is a normalized flip strategy (c) owner occupants, especially in high desire neighborhoods, who are a-ok with taking on the project and even some are excited that they get to build a new home in often old neighborhoods. 

This criteria is for 1-4 and 5-8 unit programs.

Rather than go with a classic arcade style game that I would like, they got crazy excited at the idea of a PS5 with a game subscription.

Quote from @Blake Dailey: So excited to announce to the community that as of last month, I acquired my largest deal to date which is a 130-Unit Hotel and Resort in the Smoky Mountains of Tennessee!

Some programs are 100% of FMR, some 105% or greater (like the Walker Settlement Voucher in Dallas Housing Authority), some less.

Congratulations on starting your real estate investing journey—that’s such an exciting step!