I reveal there how I lost a 30+ unit building to foreclosure so you will know what NOT to do when acquiring a property.

The one part that popped for me here was the less than 20% down - CMHC guidelines are pretty clear (from what I recall) - investor loans (which is what this falls under whether RTO or just straight up landlording or what not) require 20% downpayment.I believe that the chartered banks / credit unions all also require 20% down; there may be some players that do different ratios in Canada for non-owner-occupied but I haven't seen them.Sounds like (unfortunately) your banker gave you some poor advice from the get-go? 

So purchased for $157k invested $13k so we should be making around $60k in profit after all closing fees and what not.

He has a consumer advocate show cheap airfare, hotels, car rentals what to buy and what not to buy.  

I was just thinking and trying to figure out what to do with this thing and I wasn't sure if that type of "duplex" was legal or normal or whatnot.  

The series is called Dare to Wear, it's new on TLC, and is either replacing or compliments What Not to Wear (can't remember which).

I'm sure there will be more paper work and whatnot going forward with the bank, but so far everything is good.

The basement is some what finished, contains a full bathroom and several closets and what not.

Mostly what not to do but that is what the process is all about...

I find "what not to do" advice to be magnitudes more applicable than all the mixed signals on what's required.