How many "Insured" mortgages can you have legally?

[Nick V.]

Hello,

I have a question with regards to owning properties / having multiple mortgages which are insured by CMHC, Genworth or Canadian Guarantee. 

I am looking to find out how many "Insured" mortgages you can have at one point? (I want to do things legally, not interested in mortgage fraud or anything. (Want to ensure all knows that as I seen other threads get onto that topic quick)

The reason I am asking is because;

a) I want to own more houses with little (less then 20% down) and 

b) I have 2 grandmothers who are in need of a home in the near future, both my grandfathers has passed away. Our family are looking to get them into a smaller house, low maintenance, and close to family. - (This is not my excuse for getting less then 20% down, this is actually true.) Therefore the houses would be occupied by family therefore to my understanding we can get less then 20% down.

Questions

1. How many mortgages we can legally have that would be insured with CMHC, Genworth or Canadian Guarantee at one point?

2. In the future (years down the road) should one or both of my grandmothers decide to move elsewhere or into a elderly home, can I legally turn the houses into a rental property (not to a family member)? if not am i obligated to sell?

3. If above is legally acceptable to the insures requirements, at what point / how long needs to pass in order for the property to be rented to someone other then a family member?

Again I am looking for answers that are legit / legal. I want to grow my portfolio without having issues.

Thanks,

Nick