Serious investors may pass this by on the info provided.

I agree that is will be a gamble as to how well it will do.Also, ask the owner if they will entertain partial owner financing to keep from dragging family and friends into this risky business venture.Maybe even rent from owner for a year with right to sublease to see how it goes before committing to a purchase.

Eventually we will pass that responsibility on to someone on our leadership team too.So the route we chose is definitely not passive, but it also made us more comfortable with the investment. 

Vendors who partner with Costco pay for market exposure and referrals, which often adds to the final cost passed on to the customer.

It was great analyzing the property, but I think I will pass on it. 

Does this matter if you're not optimizing for building a ton of wealth to pass onto kids? 

@Asher M.Possible, yes but like your lender pointed out it's going to be difficult to pass the self-sufficiency test (SST) for a legal 3-4 unit property.

I gave it the Nickproof tug and it passed the test.

Fast forward 2 years his landlord mentioned in passing he might sell the property; I was the first person on his mind.

Quote from @Rachel Jane: First post, no idea what I’m doing, lolMy grandfather passed away and left me his condo, which is fully paid off (and located in a seniors residence) It’s worth approx $500,000 (CAD).