Some cities place restrictions on where Sec 8 housing can be. You can’t just declare any place to be Sec 8.
I am a landlord that took Section 8. I think any housing unit that meets the standards for section 8 can be used for section 8. There’s certainly neighborhoods where it would not make financial sense for a landlord to do section 8. But that’s because the section 8 administrators have a cap on what they’ll consider acceptable rent in their county/area. I think any city trying to prevent section 8 from being used in their city (or parts of their city) would be setting themselves up for a fair housing lawsuit.
- If you still want to buy the condo and rent it, form an LLC. Might complicate your tax return a little but it does offer some benefits and protection, which varies from state to state.
As the property owner and property manager, I don’t think I’d see a benefit from an LLC. If I were completely detached from managing the property, I could see an LLC potentially protecting my other assets from a lawsuit. But IMO if I’m managing the property they’ll sue me for that role as well as owner, so that benefit doesn’t exist for me.
About the only thing I can see from an LLC for me is it might provide a little (very little) anonymity about the property ownership. (ex. as the manager I could blame the rent increase on the owners)
But if anyone knows of some other benefit/protection I’d see from an LLC, please speak up - I’m not opposed to it, just don’t think I’d benefit from it for it to be worth the $500-$1k that I think I’d have to pay a lawyer for to do it.