House Hacking in Mississauga

[Preeti Madan]

I have been planning to start investing in Mississauga/ Brampton, Ontario with House hacking. In Ontario, renting out basement is very common. My starting out strategy is buy a below average property, with basement, in livable position and either rent out basement or main floor for maximum money out. Live there for a few years and do cosmetic renovation. After that move to other property and rent out both the floors to get more money. after my few months research i have got to know that, In Ontario, it's hard to get cash flow and Buy and Hold strategy works better. I have a few below questions:

• Is there any risk i should be considering in above approach?
• I heard USA and Canada market doesn't work same, in that case if basement doesn't have kitchen then what would be the approximate cost of building it or how can i calculate it?
• in there any different route i should consider?
• Is Mississauga/ Brampton a good place to invest in or one is more good than other for house hacking?

Thank you for any help.

Preeti