I know it sounds like I'm splitting hairs but some banks write HELOCs in their residential department....which won't write Investment Properties.

Maybe we are splitting hairs some but the commercial/portfolio/bank statement/whatever name the give them loan space is significantly more diverse.

The main fear is having a Canada revenue agency loss, this can trigger a "Why is your property losing money" survey.

Not ready to pull the trigger to start building. 

You might even go so far as an officer of the LLC to “personally guarantee” the loan, which makes a difference if bankruptcy ever got triggered. 

There’s also a greater risk with seconds - especially with a 1st mortgage that isn’t in the new owners name - that could be asking for an escalation clause to be triggered any day.

For example “on or before that date which is 30 days after obtaining approval from probate court” or whatever the relevant trigger is. 

I did not pull the trigger but I am wondering the threshold of coverage I should look for as this is my first venture.I appreciate your time and advice on this, as I'm a rookie starting my journeyThank you everyone that helps and any advice is appreciated!

With such things, they will usually offer you some time (we had a case once where it took us a while to find a new bank to refinance shortly after the financial crisis in 2008) before actually foreclosing, but they will eventually pull the trigger and begin foreclosure proceedings.

I finally pulled the trigger and closed on my first single family rental home this past March and had it rented the next week.