in our area that is a real big deal.. we did another demo and left a few pieces of flooring an inspector came on our job determined they had asbestos in them and we violated taking asbestos items to the regular land fill.. that cost me 19k in fines and 18k in lawyer fees to keep the fines from being really big..

FHA might be a good first step if you're strapped for cash.How long do you plan to hold the property?

Lesson two: The Polytech area has a lot of potential but requires careful planning for the scope of work.

Lesson two: The Polytech area has a lot of potential but requires careful planning for the scope of work.

Where you planning to house hack? 

You want this to be your backup plan if things take longer than anticipated, you do not want to dip into personal credit cards so i would use a heloc to help with down payment but try to keep a nice available balance on a heloc as your insurance policy. 

Take a look at what markets you are planning on starting in and make sure it is a growing market where the appreciation is obvious. 

If you are planning on living there (ie in 1 unit) then you are house-hacking and this is a different calculation consideration then renting out both units and making it a true investment.

In addition to those above-referenced issues related to conversions, the additional unit(s) would require a parking space and enough lot area/gross floor area to meet the requirements in 9-703. 

I generally prefer higher since I don’t plan on putting in small claims, it’s basically just for catastrophic loses and the savings in premiums over multpiple properties for multiple years should balance that out if I have ever have to use the insurance.