I think you've recognized that you have to tailor your analysis to the fundamentals of your specific market.

I recognized early on that there is a good return to be had here, the caveat being I would have to reach out to a contractor/investor I know because with his business he could keep expenses lower and more safely add value to the deal with the crew he runs and we could stay under budget.

Also, the Illinois Housing Development Authority (IHDA) will accept applications for the Illinois Emergency Rental Assistance program through Fri., Aug. 28.

In my investing business, I've built stronger relationships with the housing authorities in the communities that I invest in.  

You'll need an authorization in writing from the owner to speak to the bank about their account. 

It's intelligent to follow the law and let the authorities deal with this situation properly.You don't know how violent this person can be, and ending up a statistic does no one any good.https://nypost.com/2014/01/05/slain-slumlord-found-in-trash-had-enemies-list-a-mile-long/

Then file suit for court to recognize your ownership has truly ripened into title. 

After that it's up to your local H/A (housing authority) to figure how much they want to pay.Ask your voucher person and his caseworker what they can afford. 

Yes, that process exists, but you're at the mercy of the local housing authority and how they want to spend their HUD funds. 

PA is the only state that doesn't recognize 1031 on the state level.