What are your suggestions for getting started with $150k?

[Eric S.]

Hey,

I'm looking for your suggestions on the best ways to utilize $150k that I'm using from my equity.

Some extra details.

I'm a contractor/realtor. I live near Toronto, Ontario (Canada). I have a friend willing to also invest around $250k with me. I'm considering purchasing a student rental in cash because I won't qualify for another mortgage ontop of my own. Also, I won't be affected by the interest rates right now. I'm looking to buy the property for roughly $400k and create 6 bedrooms each earning $650/mth.

Is there a better use for this money? Also, what is the best strategy to use my equity? Heloc or another method?

Thanks