There are houses that can be lived in and fixed up, or turned into multi-unit spaces (such as terraced houses with converted 'stables' at the back) for living in and earning income at the same time.

Hi everyone,I've been interested in investing in Canadian real estate for some time, but the price-to-rental income ratio never quite made sense to me.

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Taking a deposit to secure the deal can be a good option, as it shows the buyer is serious and committed while also giving you the time needed for the 90-day rule to clear.

I would also add, a contractor that you can buy materials for and they know how to put them in with little to know direction (reduces the management time of the project).

Add to that there is currently a ban on foreign buyers in Canada (only a few exceptions and as far as I know they all involve living here).Capital gains taxes apparently used to be higher (before my time). 

I'd sell #1, even if you have to take a loss on your equity.The market does go up over time, but most markets seem to be stagnant right now, so when does that change?   

*Be patient, and allow time to work its magic.

Getting an LLC in place from the start can provide peace of mind and give you a chance to familiarize yourself with the process before expanding your portfolio.

As others noted, you are likely limited in what you can legally do anyways, so you won't be saving a ton, and depending on how you value your time, it will likely be cheaper to higher professionals to do it anyways.