I am researching this last point as I would like to establish whether smoke is a strict requirement of the regulations.I do know from meetings of a landlord association that the big corporate landlords in Ontario are moving to inspect smoke alarms twice yearly as a matter of routine.

You may get some tenants playing games (Oh, I mailed it to the other LL) so you'll have to keep a solid relationship with the previous owner for a month or two until the new routine kicks in.You can try to get them to sign new leases upon the sale but they are under no obligation to do so.Sorry, I'm not familiar with the Section 8 rules to help you on that front.

When I do the walk through and lease signing I reinforce two things.  1) email for routine things because it protects everyone and is the best way to get a hold of me. 2) call when their is "WATER WATER EVERYWHERE" It works well, because they only "call" if it's truly an emergency.

It is a means to adjust your accounting method to adopt the routine maintenance safe harbor which is a requirement.

Another analogy comes to mind: folks who say never buy RE site unseen or pay a premium for turnkey providers & others who routinely do that and quite successfully too.

Of course, it's typically acceptable to reflect total maint/capital at 10% without raising any eyebrows.

Instead, he is routinely taking terrible tenants who don't pay rent and have prior evictions.

Although the Midwest may be catching up to this as it becomes more of the normal routine method of financing properties.Thanks again!

In your case, the net sale price will be $530K less your routine selling expenses such as broker's commission, title insurance costs, escrow or closing agent expenses, recording fees, exchange fees, etc. 

I was told at the time that the going rate for a paralegal handling a routine eviction in this part of Ontario was around $650.It is said that the LTB is biased against landlords and there is sufficient smoke that there may be fire.