First Investment Property - Confused

[Musa S.]

Hi Folks,

I am planning to buy my first ever investment property

I live in GTA, I can take mortgage upto 1 million, and have approx 250k liquid assets for 20% down and other expenses

I am thinking to buy a single family, and build a legal basement for second unit for better cash flow/numbers

Area of interest are KWC, London, Niagara Region, Mississauga/Brampton...I am flexible with location as long as I gets a better deal and numbers look reasonable.

Questions / Concerns

- As a first time investor, my plan to go for a single family and such an expensive property is fine?

- With this amount of funds / mortgage capacity, shall i target any other type of real estate investment (commercial, smaller/cheaper units, per-contructions flips etc etc) ?

- Any other suggestions / ideas I should be looking into?

My Background

- I do full time job, will have minimum time to manage property/tenants

- So looking for minimum or reasonable hassle real estate model

- knows minimum or no DIY, so will rely on handy mens for any work

Any help will be really appreciated