As long as it meets "minimum" size standards it can look like a broom closet and be considered a bedroom... ridiculous, but it's out there, and in a tight market people will pay for it... 

Most people assume that house hacking means living in a 2 bedroom 1 bath duplex.

There are plenty of people looking to deploy cash into real estate but don’t have the knowledge or bandwidth to run a successful flip or BRRRR.

I have a feeling i can start something with some people we know and I always network when I can, so that could add more likeminded people. 

Then I work with a local insurance broker give them a valuation of the property, explain that the property is being rented and by how many people.

In Oak Park, we have had people like Ray Kroc, Ernest Hemingway, Bob Newhart, Sam Gianncana, Betty White. 

Some general pros v cons - I'm sure other people will provide other insights as wellPros: -Above market rents- Monthly rent payment on time that you don't have to worry about or chase anyone down for (if full pay)- No shortage of tenants depending on your standards - Tenants are incentivized to not trash/destroy the unit, otherwise they'll lose their voucher (Yearly inspections made by local S8 inspectors to keep everyone honest- Rental payouts are normally adjusted 1-2 times a year to keep up with market rentsCons:- May take a little while to get onboarded - dealing with local govt can always take longer than expected   - Generally won't have a super high credit score (to be expected given it's the govt paying for rent)- Each unit will need to be inspected and meet a certain living standard in order to be approved for fundingYou'll want to make sure you work with a property manager who has extensive experience in working with S8. 

Starting to get competitive though for investment properties because of that reason you have more and more people entering the market from out of state.

Thank you James, you’re right, it’s so much easier dealing with the right people who as you stated, shoot you straight!

Quote from @Vince Scipione: Yes, they are a popular choice where I live and work, however with the ever fluctuating cost of oil heat, many people have swapped over their boilers/furnaces to what is called a "Propane Gun" essentially it is a device that is affixed to the front of the furnace/boiler that injects the propane and ignites it.