Section 8 ListingI listed (sorry, I wrote the copy, not my wife) the house on GoSection8.com about 36 hours ago to see what kind of response I could get from purely Section 8 renters:GoSection8.com ListingSo far, we've gotten 3 emails and 1 phone call, and I'll hopefully be showing the property to a couple people tomorrow.

In the letter tell them that is they don't pay you will be filing in Small Claims Court.BTW- if they have decent credit and not a pure credit criminal you will likely be able to settle the issue and revive payment on the 1st court date thru mediation without it even going further.If they don't show up, then you will receive a Judgment which you then file at the courthouse which will not only show up on their credit, but will at what ever interest is set for that year for your State or County.

Now, if you want to put your own money at risk, that is purely your decision. 

There is really no limit to the possibilities of what you could get sued for.Most large liability claims are the result of a tenant repeatedly complaining about some danger;  lead paint in bad condition, no batteries in the smoke detector, not repairing a railing on a porch. 

How do you think those people did.When you buy real estate that doesn't cash flow, you aren't investing, you're gambling - pure and simple.  

Therefore it has lower "downpayment" requirements than a home that is bought a "pure" investment.

Good that it was my first pure investment.

Batteries not included.The history of bank failures since the establishment of the FDIC below:Year - Number of Bank Failures2015 - 42014 - 182013 - 232012 - 502011 - 922010 - 1572009 - 1402008 - 302007 - 32006 - 02005 - 02004 - 42003 - 32002 - 112001 - 42000 - 71999 - 81998 - 31997 - 11996 - 61995 - 81994 - 151993 - 501992 - 1811991 - 2711990 - 3821989 - 5341988 - 4701987 - 2621986 - 2041985 - 1801984 - 1061983 - 991982 - 1191981 - 401980 - 221979 - 101978 - 71977 - 61976 - 171975 - 131974 - 41973 - 61972 - 21971 - 71970 - 71969 - 91968 - 31967 - 41966 - 71965 - 51964 - 71963 - 21962 - 11961 - 51960 - 11959 - 31958 - 41957 - 11956 - 21955 - 51954 - 21953 - 21952 - 31951 - 21950 - 41949 - 41948 - 31947 - 51946 - 11945 - 11944 - 21943 - 51942 - 201941 - 151940 - 431939 - 601938 - 741937 - 751936 - 691935 - 251934 - 9

Saying that real estate requires a higher degree of knowledge than say undergraduate work in college is pure hype to justify getting into  people's pockets. 

So in the event that the seller exaggerated rents to make it look better than it is, and the agent did actually know and cover up material facts to make the sale - I say go after both of them.I know from a pure, 100% business decision POV: it doesn't make sense per what others have said.