I agree with the others here that say you need to have some skin in the game, if you are going to live there yourself, get an FHA loan rather than owner financing, you can get a 3.5% down loan, personally I do not love these as they require  PMI which is an additional expense, and you also need  bring additional funds for closing at least for taxes, title, attorney and transfer fees . borrowing from anyone else for the down payment, to include a personal loan from the bank is not a good idea, those again will be higher int. rate.

It's probably going to mean paying points at closing, a high rate, and a serious pre-payment penalty (like 5 years). 

We are not likely to see rates that low again in our lifetime.

It's no different than their 2-year, low interest rate teaser houses.

@Ed Lopez our thoughts:1) $65 is average hourly rate for handyman in Metro Detroit.

Daniel,Memphis is a great market for investors and we have continually seen growth in both rental rates and property values. 

For the $525K property, with the low mortgage rate(you will probably never get a such low rate), it might make sense to hold onto it for now, especially if you can still sell it as a primary residence within the next three years and avoid capital gains taxes.

The reason is, you must continue the interest clock on each year's taxes to up to the present, at whatever the interest rate was at the time of the auction.

One of the key challenges I’m facing is understanding the financing options available to someone without Canadian residency or a local credit history.From my research, it seems that a 35% down payment is often required, with interest rates around 7.5-8.5% for non-residents.

However, rates have since moved upward.A 30-year fixed rate mortgage is once again sitting around 7% interest:For broader context, here’s a chart for 30-year fixed mortgage rates over the past 5 years:The real estate industry hoped 2024 would see a recovery in which mortgage rates fell and home sales climbed.