What are my options?

[Dan C]

Hello all, I'm very excited to be a part this great board and am very excited to learn as much as I can from all of you!

So, I really want to get involved in REI in my city what I want to do is 1 of 2 options:

1) Start with single family homes buying cash (the single family homes in my area range from 50-80k in the areas I'm looking at). I want to start obviously with one house then 6 months (or so after) refinance, get my money back and begin the process over again. I plan on purchasing at 70% market value and when I finance I'm hoping to pull out all my money as there will be 30% equity left when I do.

2) purchase a 4-8 unit building (they range from $120k-300k in my area in question), purchase at 70% market value, put around 50k down, once the property is stable and profitable refinance around 6 months - 1 year later for the total purchase price as the total purchase price will be at least 70% of market value.

Here are the problems I'm faced with...I'm in my mid 20's, I have started a successful business about 1 year ago that is doing very well, however, I do not have a long history of stable income as stated above. I do have excellent credit, access to 50-100k cash, and a co-signer that has a great income and income history.

So, my questions are, are options 1 and 2 possible within Canada? All the Realtors and mortgage brokers I speak with lead me to believe that it would be, but it's almost like they're unsure and lack creative thinking.

Also, with info of my financial situation I have provided, what are my best options for numbers 1 and 2 in order to obtain financing for options 1 and 2.

I also, have managed 2 rental home for the past 4 years for a family member so option 2 wouldn't be much of a shocker as if they were my properties a building of that size I'm assuming the next step.

Thank you BP! :D