Once you take over a property as an owner occupant, if it is a single family or condo you can live in it for 1 year and that automatically exempts your unit from rent control.

. - Another exception to note on that foreign buyer ban is the number of units/doors for your investment: I believe the magic number is 5+ as this would be considered as commercial Real Estate- In Ontario, you will also have to look our for the Non-Resident Speculation Tax (NRST) which imposes about 25% on the purchase tax.

How many units, and at what price point?

This criteria is for 1-4 and 5-8 unit programs.

Every 12 months you should budget 1 month of vacancy to turn the unit.

as it relates to 1 to 4 units there are about 12 to 14 states that require state license and NMLS registration and all the regs that go along with being NMLS registered. 

Quote from @David B Graham: Investment Info:Small multi-family (2-4 units) buy & hold investment.

I currently have 1 two-unit in Joliet. 

Trying to balance proper due diligence against my desire to just acquire a bunch of mediocre units!  

Right now, the best offers around me are for some 1.3-4 million, that only generated around 100k per year gross, so there would be a high chance of not cash flowing, and paying money, especially with a commercial loan (these buildings have more than 4 units).I was thinking that although the rental itself does not generate money, I would be able to deduct the mortgage interest, and depreciation from my personal w2 income and would be net positive.