First time buyer in Toronto, Ontario, Canada need advice

[Faizan Huda]

Hi all,

I am looking to buy an investment property in Toronto for 550k and under as that is my budget with 20% down payment. I am looking for a property possibly having multiple units that I can rent out for a long period of time to earn rental income. I would also like to be able to refinance and get another property in later years. 

I need someone who can guide on how to execute this investment plan based on my current situation and I would like your advice if this sounded like a good plan to you? I am open to investing outside of Toronto given rental prospects are good in the other city

Thanks.