I need BPs help to conduct a real estate experiment

[Jacob Pereira]

I've been working on a project that is a larger-scale version of the "house hacking" that @Brandon Turner and @Joshua D. are big proponents of. Essentially, rather than fixing up an under-valued house, I'm trying to fix up an under-valued block of houses. It's an entire block of fourplexes, and most of them are owned by out-of-state investors and are being mismanaged by local property managers. I own a few buildings in the area (the whole area is about 25 fourplexes), and I'd like to get the entire block up to it's true potential.

I've bought up as many of the units as I can afford, and recently I've been approached by other owners about managing their properties. For the salary it isn't worth my time, but for the ability to improve the neighborhood, and thus improve my own rent rolls, it seems like a good idea. So here is where I need your help:

What advice can BP give me on this idea of "raising the block"? It's a D block, in a B-C neighborhood. Do I need to get a license to manage other people's properties? Should I avoid section 8 altogether, or should I use it to maximize rental prices in the area? Has anyone else tried this strategy? 

If I get a good amount of interest, I'll start a blog on my efforts and give regular updates on my efforts. Is anyone interested?

[Mindy Jensen]

No Nonsense Landlord did this in Minneapolis. He took an entire neighborhood surrounded by great houses, but itself a horrible mess. He got himself on the HOA board, started enforcing rules, removed the bad elements and his investment paid off huge.

It took him a lot of work and several years. It's a fascinating story.

I'd read about another project like that.