Creative methods for a third mortgage in Canada?

[Kenny Clark]

Hello Everyone! I've been a home owner and landlord for the past 5 years. I've always wanted to "Get into" real estate, but didn't know how until about a year ago. I've been doing lots of research but I'm not in a position to buy another house.

I've been reading lots, and trying to to change my mind set regarding life in general. I've been starting to think, "how can I?" Rather than "I can't." well as soon as I did, my father in law has decided to go in and purchase my grandparents house with me. I'm using equity, he's using cash. I'll give him 10% annual return, and refinance after a set amount of years to pay him off. It's a nice, cash flowing property that'll come with 30k equity, and up to 80k if I reno it all up nice.

Great news for me! 3 months ago I wouldn't have seen this coming and I'm still a little surprised to be honest. But now, I'm looking at how do I get another? Well money isn't common in my family, everyone I know has no faith in real estate and is content being mediocre for the rest of their lives. The banks consider me maxed out due to my income vs debt ratio.

How would you guys recommend me looking into a third mortgage? I've been sending every private seller in my town an email inquiring about vendor financing. I'm waiting for a multifamily deal to come available in a nice part of town to ask a bank for 100% funding, as I don't think they would for the current apartments for sale.

Thank you in advance, any information or guidance is highly appreciated!