Starting a Rental Property Business in Ontario

[Brandon Wood]

Hey all! 

I am planning to start a business with a business partner of mine in the next year once we have saved up enough capital for a down payment. We are looking into buying out first property with the goal of house hacking (open to other opinions). We will live in a separate apartment in the building and rent the remaining space out. 

We are currently trying to figure out the best way to position our business as the goal is to keep buying properties as time goes on. We initially thought about opening a corporation but then we would not qualify for the lower down payment with CMHC Insurance. Does anyone have some guidance or information on how to start out in the business? Would love to hear as many opinions as possible as we are new to the business and have limited knowledge further than a minor from university in real estate and an internships in property management.

We are also looking for lawyers, accountants, contractors and agents (specializing in income properties) based in Ontario.

Thank you!