I just found a 4-unit property that is relatively in a decent area. When I asked my real estate agent about the financials, I noticed that 3 of the 4 units are under Section 8 yearly Contract.
Is there a way, in case I buy this property, to have it not to be part of the Section 8 program? If so how to go about implementing this?
I think people get confused about Section 8. No property is "a part" of the program. There are people who receive government support through the section 8 program. You can chose to rent to these people or not. In this scenario just like any contract you will need to honor it.
To my knowledge the property owner should fill up an application form to be part of the section 8 program, then wait for a program inspector to approve the property.
Based on this what are the steps to follow, If I want out of the program officially.