Challenges of Owning/Operating a HAP property

[Kyle Vogeler]

Hi all, 

I am looking into a property that is designated as a HAP property. The seller has indicated that there are many specifics that need to be followed for this type of property, such as having a property manager with a special certification. 

Does anyone on here have experience with these types of properties? What are some challenges that you faced? What were the upsides? 

Thanks!

[Ned Carey]

@Kyle Vogeler  If by HAP you mean what is more commonly called section 8, it is a national funded program but each area has it's own office and rules. 

In my area we get, higher rent and tenants stay longer. But there are annual inspections that can be nit picky and it takes longer to get it rented due to a month delay in bureaucracy to get approval. No special property management needed her in Baltimore.

If it is not already rented then I don't know what you are referring to. Is there some requirement you rent to HAP?