Also, bank money is rather dry, they take forever to close, and are a pain in the *** to work with usually.

@Larry Zucker seems like non-qm lending is dry all across the country. 

It was pretty cut and dry, but they wanted a digital copy before I mailed to ensure signatures were all as they should be.

A pretty cut and dry yes.....assuming they didn’t approve Any loan amount and you are within your contingency deadline.

That's scary, but I guess my question is could you see a scenario where the Section 8 well dries up?

So first off yes you are allowed to see the current lease and it would be a necessity for you to do so before purchasing.You can ask the unit be delivered vacant but the seller might not go for that as it means a longer escrow and they are left high and dry if you back out of the deal. 

Others will suck you dry.

Others will suck you dry.

I believe the location relative to the school means the student market will effectively never dry up, and the university is expanding and being backed by the state (TX) to expand the facilities it provides to technology companies across the nation as a research institution.

It may make sense to wait a little while before you pull the trigger on your first investment property, but now would be the perfect time to start getting all of your loan docs in, getting pre-approved, and start looking for something.