@David Matarazzo  Did either of you move forward with them for property loans?

-------------------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

On the other hand, if you're aiming for long-term rental properties, getting prequalified with a lender specializing in traditional loans or DSCR (Debt Service Coverage Ratio) loans is key.

Credit (loans) become much more difficult to obtain and if available you pay a MUCH higher interest rate with a much higher down payment requirement2.

They will go up to 100% loan to value or LTV (or used to). 

Also, I am guessing that due to the state of the house, it would not qualify for a conventional loan?

I took a small private loan and bought my first home.

I believe such plans are offered by specialty divisions of the mainstream financial services providers like CIBC & RBC.

If it’s doable financially I’d recommend the duplex.

For newer developers, credibility often hinges on clear and compelling financial documentation.