But, when one is serious and can pull the trigger it makes the journey getting there TOTALLY WORTH IT! 

The plan is to have several months of expenses set aside for the initial ramp-upI do like your idea of having everything lined up and to be ready to pull the trigger on things as soon as the license is active! 

The main fear is having a Canada revenue agency loss, this can trigger a "Why is your property losing money" survey.

Not ready to pull the trigger to start building. 

You might even go so far as an officer of the LLC to “personally guarantee” the loan, which makes a difference if bankruptcy ever got triggered. 

I did not pull the trigger but I am wondering the threshold of coverage I should look for as this is my first venture.I appreciate your time and advice on this, as I'm a rookie starting my journeyThank you everyone that helps and any advice is appreciated!

With such things, they will usually offer you some time (we had a case once where it took us a while to find a new bank to refinance shortly after the financial crisis in 2008) before actually foreclosing, but they will eventually pull the trigger and begin foreclosure proceedings.

(Currently, Airbnb properties would be taxed at the commercial rate if their short-term rental bookings amounted to 90 days or more in a year.)If the bill passed with a 200-day trigger, you could have a 54% occupancy rate for the year and fall under that threshold.

We took about a year or so to finally find a deal and pull the trigger.

There’s also a greater risk with seconds - especially with a 1st mortgage that isn’t in the new owners name - that could be asking for an escalation clause to be triggered any day.