The $40 application fee goes towards tenants' first month's rent. 4) Along with the application, provide me with an employer reference I can call for income verification, previous landlord reference, a copy of their last 2 pay stubs or form of monthly income, a copy of their last W-2, and a copy of some form of government issued ID for everyone in the household.I know this is a lot, but I'm not sure what I could take out to make this application process more appealing.

From my understanding the government pays a portion of their voucher and the tenant pays the rest.

I am trying to conceptualize the risks of giving money over to a syndicator and property management outfit for 4-6 years.Jason,If there was little to no risk (the syndicators always deliver), the rate of return offered the equity investors would be a tiny bit above the US Government bond rates.

@Joshua Costa it’s not clear what your question is, but I’m assuming you’re asking if there’s a way to buy another property with FHA sooner, despite what your mortgage guy said.Since it’s a Federal program (FHA), the fact that it’s in R.I. doesn’t affect anything.I think you could/should ask the question of another mortgage person but I’d be prepared for the answer to be the same.I also always recommend building relationships with local banks and credit unions who hold onto their loans (portfolio lenders), like Pawtucket Credit Union, Navigant, Washington Trust, Coastway (now Harbor One) etc.Often down payment requirements are a little higher, but not always, and you get a lot more variation/flexibility because they set their own terms for the loans - they’re not reselling them on the secondary market so the loans don’t have to fit into a rigid box (be “conforming” in mortgage-speak).I think it’s worth exploring, especially to start building long term banking relationships which will help when you buy more properties, but you may still find FHA is the best deal - it’s hard to compete with the Federal government :)I did a little research and it seems you’re mortgage person might be right, but I still think you will learn a lot from checking with another source and especially meeting local lenders.

I have 2 section 8 properties and would love to convert more of them to section 8.Government will pay 110% of market rent, they direct deposit payments and do inspection to ensure compliance from tenants and let you know if there are maintenance issues.

The federal government has approved part of South Lake Tahoe as being in an Opportunity Zone.

Get stats from the city government site about job growth, local economy, etc. 2) Visit the Area -- Don't just buy something off loopnet because the numbers look good when you've never visited the area.

I think the biggest risk of this type of transaction is that you aren't able to see the interior until after all of the slow government paperwork is settled. 

Lying to tenants is a bad practice because it wrecks your credibility and undermines trust.

There are so many apartments constructed or under construction I'm not sure how they could ever find enough renters without turning to section 8 or some other government program.