Hey folks, so this morning one of my colleagues posted (from another person) some reasons why sec 8 can be very difficult.

Set a goal, work backwards, and create a realistic strategy based on your personal abilities.An aggressive investment strategy can get you free from your 9-5 in about 3-5 years.

Couple things to check for:- Check to see if the applicant's name, address and personal contact info matches across all information you receive like credit check and ID to make sure you are dealing with who they say they are.- Have a set of rental criteria you are looking for and compare against that criteria, like minimum ratio of income to rent, minimum credit score, etc.

I don't use really personal cards for anything anymore.

I personally invest here for both the cash flow and appreciation.

My personal trusty cash flow analyzer has served me well for my own deals, but it’s upgrade time for something with more oomph.

I personally have bought places and started rehab and then involved a bank before completion.

The subdivision goes from 150k to 1 million in price.If your friend owns other properties that are trophies I would definitely cross-collateralize some or all of his other properties and get a personal guarantee.

I don't like the idea of taking advantage of anyone, but personally if I found an opportunity like this I would understand the reality of the situation is that if you are able to make a favorable deal, so can anyone else in the market, so might as well strike first and be more reasonable during the turnover process so you can sleep well at night. 

I don't want anyone to feel like I am forcing out Step-dad, but it is a big house and the rent (and upkeep) are more than one person may want to handle.