Then use the rent you generate over time to upgrade if you think it makes sense. 

Speaking to the first part, you can convert a rental to a primary residence at any time. 

I recommend scheduling a call with a real estate lawyer.

I'm hiring a real estate attorney to review the agreement.

Unless you have extensive time and experience managing Section 8 rentals, it is not advisable to self-manage them.Did they send you pictures of the holes in the floor?

Reach out to a few and see who you like.You can also ask members of your local real estate investors association for real estate accountant recommendations.Good luck.

Make sure they pay for the repairs, but don't charge them $250 for something that cost you $50 plus time, be fair.  

@John Fong, you cannot exchange into improvements on property you own without an incredible amount of time, money and risk. 

Over time it will create a more dynamic market. 

Building : 1878 /2008 Renovated.Price : $600000 Asking Total Tenants: 15    & Monthly Rent : $21173Deal Analysis Value Over Time Can you please let me know what else is missing in this to get more accurate deal analysis.