I used to work for a company that had some rental houses, and I was responsible for collecting rent and so on. We did section 8 and HUD for a while, and it was crazy. First of all, these houses were in great shape, but It took us several months to get them up to the standards they require for section 8 housing. It was a lot of expense and trouble for things that seemed totally unnecessary!
Here is a partial list I found to give you an idea: http://pages.sbcglobal.net/stillwater_ha/_wsn/page15.html
Also once you are approved and get a tenant, it's not over. You are responsible for keeping things up to code even if the tenant doesn't try. We had an older lady who was somewhat of a hoarder, and we failed several inspections because all her clutter was a "fire hazard." The landlord talked to her, and some people even offered to go in and help her clean up, but she refused to do anything about it. Eventually we lost the section 8 on that house and we had to evict her because she couldn't pay her rent otherwise. Since I left that job they've stopped doing section 8 on all the properties because it was just too much work.
Depending on the neighborhood, I'd say you have just as much chance of getting a good or bad tenant whether you go with section 8 or not. Definitely make sure you do credit checks and talk to previous landlords. The eviction process is really tough, and there's lots of loopholes for the tenant where you can't pursue missed rent after they leave.
It's smart to sign an agreement with anyone you take on as a tenant, just in case you have problems later. I can get you a copy of the landlord/tenant agreement we used to use, message me if you are interested.