Of course you have to factor in realtor and closing costs on top.

Also, check to see if you can find lenders with low or no closing costs.Curious—what’s the partnership you’re looking at?

Alberta, USA or anywhere else that makes sense.Or invest a close to Vancouver as you can that still cashflows. 

I recently opened a HELOC and I recall it's at prime for the first year (7.5% currently), and I only paid minimal closing costs.PML or HML I would expect rates >10%, plus points, possible prepayment penalties etc.

Shop LTV (or cLTV which is combined Loan To Value, basically your first mortgage and 2nd mortgage combined loan to value), rates, payment terms, time to close,  and draw period (how long you can go into and out of your heloc). 

But my realtor said they are going to do special assessment on this property and HOA runs badly. ( We requested HOA reserve document but no answers. ) We wanted to wait to see how special assessment going and close. 

A couple only lasted 2-3 years before closing.

Principal Paydown: $2,441 Total Gain: $58,317 ROI: 360.32% (on $16,185 upfront investment: 3.5% down payment of $8,715 + 3% closing costs of $7,470).Year 2 Analysis Cash Flow: -$752 Home Appreciation: $6,120 Principal Paydown: $2,617 Total Gain: $7,985 ROI: 49.34%.Year 3 Analysis Cash Flow: -$375 Home Appreciation: $6,242 Principal Paydown: $2,806 Total Gain: $8,674 ROI: 53.59%.Year 4 Analysis Cash Flow: $9 Home Appreciation: $6,367 Principal Paydown: $3,009 Total Gain: $9,386 ROI: 57.99%.Based on these numbers, you’d have negative cash flow for the first three years and only break even in Year 4, assuming a 2.5% annual rent increase.Adjusted Scenario see second picture: Landlord Covers Gas and WaterIn the second scenario, I assumed the landlord would pay for gas and water at $300/month while maintaining the same 2% home appreciation rate.

Stay focused and close on the property, do not let an out of the blue crime destroy a future REI and cash flow. 

Not sure how close you are to the partner but you may want to work with someone else for these kinds of rehab projects in the future.