Those are spray and pray techniques that don't fit with sellers right now because sellers/owners are sitting on a very low rate and don't want to move to go up 4-5 points on their rate.Listings aren't a start now thing as well.

Eastpointe has a semi-decent school district, and the area overall is seeing a population growth.

A 4 bedroom would have you competing with larger condos or townhouses with pools, a much lower rate of return. 

@Loren Souers I'd have to run the specific scenarios with the rates and fees, but if you're OK with paying the higher closing costs, the Mortgage 1 deal looks good, particularly if you focus on CoC returns.

Fort Collins did it since the 1960s and only recently created a law against it because of rent rates.

Just make sure you’re comfortable with the interest rate if going either route.  

This is a self directed RRSP or TFSA account that allows you to lend your money out to people with the backing of their mortgage for a high interest rate. 1st, 2nd, 3rd mortgages, down payments, refinances, flipping or renovation money.

If it's currently an STR they should be able to provide you with the p/l statement from prior years so you can see gross rents, operating expenses, average daily rates and occupancy levels.

-> WInding creek- Good schools, costly good rents.     

You would end up saving the higher interest rate on the HELOC as well as closing costs.