Nice to hear your son is also getting into the rehabbing thats amazing for that age!

I’ve personally house hacked in the Irving park neighborhood in Chicago with a multifamily so not completely relatable experience to what you’re looking to do but hopefully can provide a few insights.If you go with the suburbs in a SFH, you could rent by the room and presumably increase cash flow.

I used a relator, found a good house and bought it.

You will incur two types of costs when it comes to a flipA) Costs directly related to the propertyB) Overhead costs(I.E.

Is it solely related to flippers wanting to keep costs low? 

Hey all, I’m in the GTA region of Ontario and relatively new to BP.

Your remaining balances weren’t entirely clear on the two mortgages, they are really low rates, so instinct is not to refinance them, but sometimes it is worth it for the longer term vision.It also seems like you may be considering tapping your equity to replace your income, without knowing your age or long term goals, this doesn’t seem like a great idea on the surface.If you are interested in jumping into real estate full time to replace your income you should realize that is probably going to take 12-24 months.

Use census and trend data to evaluate overall markets - population growth, age, job growth, industry diversification etc.

Of course the co-signer should be significantly stronger in ALL areas as compared to the applicant...usually this is a parent or relative, and they should be well established, with ownership of real estate for years; long and stable employment; no, or very distant, criminal and traffic court records; well funded SAVINGS/IRA's or stock market accounts.

Maximizing Deductions: You can still claim tax deductions (mileage, repairs, management time, etc.) on both properties as long as they’re legitimately related to rental activity, even if one isn’t in an LLC.