They do minimal at best verification of the data the applicant provides.

Be sure to check out the free tools BP provides to help analyze deals you may have and also market insights.

This way, your current rental stays a cash-flowing asset while providing leverage to grow your portfolio.

Everything was progressing smoothly until I met the appraiser to provide access to the property.Right away, I sensed something was off.

[I think someone else provided an example of this case earlier]-Now provided you do qualify for purchasing a house (4 units or less), you will have no problem qualifying for a mortgage with a Schedule 1 bank as long as you provide the down payment (35% minimum of purchase price) and confirm proof of fund and the source of it- On the proof and source of funds, the banks would want to see an income enough to cover the mortgage payment and other expenses. and in some cases, they would want to make sure they know how you're going to cover your expenses (housing, heating, etc..) where you live.This is usually where it gets annoying for some folks but if you can satisfy this, you should be able to qualify for a mortgage just likely any Canadian tax resident, albeit you will pay a little more in terms of interest rate, etc.

I figured lowest money out of pocket was the best way to go, and in this case FHA would provide the lowest downpayment.

I will provide an update when I hear back or have substantial resolution to my issues.

So, to the chagrin of some developers it can get a little expensive at times but on the flip side of that coin it provides kind of a firewall so that what ever is being built is being built with a strong intention.

Feel free to share any specific questions or scenarios you’re working on—I’m sure the community here would be happy to provide insights.

Happy to connect and chat to provide further insight!