I have not every purchased property in Canada, but my wife is Canadian and I've seen some of the issues her family has had to deal with.  

For cash-on-cash evaluation of rental properties, it is critical to identify ALL of  your acquisition costs. 

A grand negative cash flow is not the issue.

I especially liked Matt's process of creating my business plan as it forced me to really think about it, get it right and make it easily understood by my clients.His process for the offering also made me think about transparency and other ethical issues that are required by law to be disclosed in the offering.

I'd consider renting for a period of time and identify a particular area you'd like to eventually buy.

If you are new to the business the most common issue is you're either locking up deals too high or you aren't finding attractive deals.

This is not just a racial issue. 

Based on your numbers, and assuming you have a credit score high enough and have never filed for BK, you shouldn't have an issue getting approved for an HML to buy/rehab the property that I would estimate at about $370k-$375k (which includes 100% of the rehab costs).

Bob - I have five occupied padsplits under contract right now with Fernando Corona and have closed several with him this year.Normal DSCR brokers have issues getting this through underwriting - it's important to work with a broker / lender that fully understands how to get these to CTC.I'll PM you

Any issues that you've experienced so far?