It's a corner unit with a very large backyard compared to its neightbors.My idea was to buy the house, update the kitchen as it's a bit dated and then rent it out within a couple of months.

IRS section 121 says in order exclude up to $250k gain, as singler filer, you must have owned and used the house as a principal residence at least two of the last five years prior to date of sale.

@Raj T.There's alot of people on this BP website that can help you if you put "notes" up in the search bar or in the community section under forums.

Not having enough time to show the property tells me you can't handle the work load and are looking to cut corners. 

@Hush Dinero  Hey Hush,Yeah no worries lease options are not common,  the forum is under investor basics in the real estate strategy section, also called rent to own,  there are many strategies to use to make money, here is a book worth looking into "Making Big Money Investing in Real Estate: Without Tenants, Banks, or Rehab Projects" by Peter Conti.  

Price: $160,000Current Rental incomeUnit 1 - 1000Unit 2 - 1300 (section 8 & only unit with a lease)Unit 3 - 800We spoke to all tenants and they are all fond of staying for at least another 2 years.

OccupancyThe veteran must certify that he or she intends to personally occupy the property as his or her home.Reference:See section 5 of chapter 3 for details. 

I literally have listened to sections over and over and can't stop drifting off.

Does anyone have experience with the Ellis Act on a property with section 8 tenants?

All possibilities if we feel so painted into a corner once we receive an application that we are afraid the first one won't be the best or are afraid to deny anyone...