Buying Occupied House w/Section 8 Tenant

[Eric B.]

I'm contemplating taking a huge leap and trying to buy a house that is already rehabbed and occupied with a Section 8 tenant.

Now, obviously I'll need to acquire funding should I decide to go through with such a leap. I've never bought a house before, and the house I'm thinking about buying is price at approximately 50% of the Fair Market Value.

I'm just a guy who's frustrated with the wholesaling business and decided it would be better to go into the buy and hold business, which is where I wanted to end up anyway.

What do I need to know about trying to acquire funding to buy this kind of house? Can anyone suggest a lender/several lenders? Does my income and credit report matter? Is there a lender who would lend for a long-term loan like this one? Is there anything I should know about the application process? What kind of money should I need to expect to put down up front? Does it have to be my money or could it be OPM?

This is a SFH located in the Hyde Park/Avalon Park area (south side of Chicago).

If there is anything else you need to know about the house to get a clear picture of how I can get the funding I need, please let me know!