A con can be that if you accept Section 8 you open yourself up to city inspections and they can withhold your rent if they flag something and you don't get it fixed.  

I really enjoy other peoples success stories so hopefully this can inspire others to get out there.Here are the numbers:Sales price: $235,000Purchase price: $108,000Rehab/holding costs: $70,825Closing costs (including Tax withholding): $7,577Profit: $48,598This ended up being a pretty large project, and actually the first project I managed 100% on my own, so that makes the success all that much better.  

If you're that big a risk taker, take the money to a casino and put it on red.If you're roof collapses and your furnance dies, where are your cash reserves - then your tenant (who will be a pro at this in poor neighborhoods) will withhold rent for unacceptable living conditions.Be careful and stay away from sales pitches.

Okay, so an update:Things are a bit fluid at the moment and after the owner's initial termination form letter with a 30 day vacate deadline the other tenants (my brother included) may have decided to withhold rent until they can find a new place.

You also have to withhold taxes from his paycheck every month.

They didn't withhold admin charges from what we earned with them.

Can I withhold payment until the lien waivers are received? 

If you allow the condotel to take care of the management for you, they'll withhold a hefty percentage from your gross rental income. 

Guess most landlords aren't withholding more than one month's rent in Ohio!

Before you tell me that $300 reserves are too small to withhold or tell me to make sure I factor in other expenses such as reserves for vacancy, maintenance, and capital replacement, I am not too worried about vacancy.