So essentially double a months rent.

Yes, there are occasionally properties on the market for $500... but they are essentially worth a negative amount, because in many (most really) cases in such bad shape that you will spend more than the property would ever realistically be worth in order to get the property habitable.

The paperwork the landlord has to complete is the Request for Tenancy Approval, which essentially just provides info on the rental unit that will allow the HA to estimate what they utilities will cost so they can use this variable in the equation to determine if they can 1) pay your requested rent within the tenant's budget and 2) if the property will be affordable for the tenant's income amount.Section 8 is great to have in certain markets because you'll have a steady flow of applicants and get paid on time.

Essentially there are some deals that are found from my peers that are move-in ready and would be good to present on the MLS for conventional buyers.

I was essentially in a waiting game to hear back in hopes that this deal wasn't sunk.

Yes your team is essential.

Essentially, I am trying to figure out whether or not right now would be a good time to start my new endeavor as a rental property investor.

So if all your tenants move out in winter and you can't find replacements, you're screwed.I'm sure most Landlords will adjust and they will generally do fine but this is an attempt to slowly steal away private property rights and treat the Landlord like a criminal, essentially punishing you before you've done anything wrong.I'm currently working with three investors that are selling all their properties in California and moving their investment money to Wyoming.

Again, getting paid $500/mo to live rent free and essentially run a hostel is probably way too much of a pain for most people, but I'm ok with this.

Im working on closing a wholesale deal and the contracts are essentially all signed.