If we are talking about Section 8, you trade one set of issues for another. The good news is that you get paid. The bad news is that you have to please idiot bureaucrats who are not rational and tend to dislike productive, profit-seeking people. Given that Bernd and I have similar feelings in re government, it is a mixed blessing:
Downside: You have tolerate, and even be nice to, bureaucrats and grin and bear often unreasonable expectations that they themselves could never, ever fulfill;
Upside: You are getting some of yours back from the beast. What Obama giveth, the landlord taketh away. Class warfare, with a profit and a smile.
Question: What happens if you give a drunk a beer? How about a single malt-scotch? Answer: The same thing, only you’ve spent more on the scotch. Now substitute “money” for beer and “more money” for scotch, and “government”, “government schools”, “Big Three Auto Makers” or other amusing nouns for “drunk”. I digress. Point is, I’m not looking to “give back” for what I allegedly received, I’m looking to “get back” for what I know I’ve been paying, and Section 8 is one way to do that. I did not make the rules, but I will play the game to win - and if that means playing kissy face with people I dislike, so be it, as long as the pay is right.
Based on conversations with some of my clients who do Section 8, geography matters. Inner-city section 8 staff tend to be very hard to deal with, while rural version tends to be more flexible and easier to deal with, and not coincidentally, more likely to accept MH as housing alternative. We are thinking about picking up a few regular REO’s (cheap, cheap, cheap!) and putting section 8 tentants in them. I will probably swap MHP mentoring with a local investor who is vey good at the Section 8 game and interested in owning a few small MHP. Will let you know how & if it goes.