I was extremely humbled by people and their excuses when it comes to paying rent on time.

My experience in the last 15 years is that except in the most extreme circumstances, an investor is going to need some of their own capital to make a deal fly.

Hey Santosh,As of right now you're extremely exposed regarding insurance and I'm going to assume legally as well.If the home isn't registered as a legal multi-family with the town that's something you'll have to correct ASAP and make sure the home is up to code.Insurance wise as soon as they find out what you're doing they'll cancel you as the risk has changed from a single family owner occupied home to a multi family owner occupied home.

As GPs, we owe it to our partners and stakeholders to keep communication clear, honest, and consistent.

.- Many of these HCOL areas also have strict limitations on AirBnB or short-term rentals... that do not apply to owner-occupants - thus allowing for extreme cashflow potential for house-hackers.

If it's a verbal tenancy, you have to show a practice of collecting rent that the tenant is no longer abiding by (or perhaps tenant shows up, and honestly states they were obligated to pay rent and haven't done so).When the eviction case is submitted, you give the tenants names, e-mail, phone, address.

.✅ Focus on making a good first impression and building rapport.This starts with getting honest with yourself about what you’re looking for and how you plan to execute.

To me, that is extremely critical.

Honestly in Vancouver, you are unlikely to see anything that will cash flow unless you have a huge down payment. 

We've been extremely lucky with our first tenant- she is wonderful.