The only ones that are successful their first year are the ones that work long, hard hours pressing palms, kissing babies, driving all over God's green earth, answering phone calls at 11:30pm, writing emails at 4am, and generally working like their life depended on it.

Looking to do a very similar move to yours.I may have accidentally found your property and it looks like property taxes are about $1300.

You would be an accidental BRRRR investor at that point.

But I think you'll be hard pressed to have positive monthly cash-flow with new(er) construction Townhouses in Durham bought at full market price - because there is no "problem" that you're fixing.

I was pressed to go ahead, since it was the tail ending of July.

In my Naivety, I purchased an empty lot in Chicago back in 2018 with over $2000 in back taxes. Since then, I've paid $550 in fees, and probably accrued over $1200 in additional taxes (total probably ~$3200 outstanding...

@Luis Melendez if your are doing a cash out in the name of your LLC you are going to be hard pressed to find a portfolio lender with that flexibility to be below 5%... if you do... please let me know. 

If you sell today, you will have to find a new place, and with the low vacancy rate in Ottawa, you would be hard-pressed to find cheap rent.

I recently sold my first property which became an accidental rental.

I’m trying to get started but don’t want to accidentally do something illegal.