Section 8 Update
Some of you may have read a previous post I wrote on this topic, but I have learned some new information since then.
Please see the updated post.
If you plan to buy out tenants, Section 8 only helps you in one sense. If you negotiate with a tenant who has a Section 8 contract, that tenant can be assured that Section 8 will move with them to their new location in another Section 8-approved unit. That means they have less incentive to stay.
However, do NOT cancel their Section 8 contract. They will only be responsible for paying you the portion of the rent that they were paying!