Canada- What are my options in obtaining creative financing?

[Mike Sos]

Hi there BiggerPockets!

I'm 23 years old, trying to figure out how to obtain financing. I have 17k saved and ready to go for a downpayment, and I have spotted an opportunity to buy a 110k condo that will give me positive cash flow. The problem is that I am still looking for a full-time job (just finished school), so my downpayment is static. I am confident in my ability to qualify for a mortgage, due to my cosign.

My questions are twofold: Can I purchase my "first home" and rent it out immediately? I don't have enough to come up with the 20% downpayment I need for this opportunity.

If I were to obtain the loan by informing my lender that I plan to live there, even though I would immediately rent it out, what would be the consequences? 

Any and all relevant information on this subject would be greatly appreciated! I'm eager to jump in, and I refuse to take no for an answer!

Many thanks!

-Mike