Alternatively, keep binding your time ... accumulate a bigger bag of cash and wait for the prices in TO to tumble the 30-40% they need ... then swoop-in and purchase a 3-4 unit building close to downtown {there will be folks upside-down who need to get out}.In either case, find yourself someone local who knows the TO rental market - either a landlord or a realtor - who can help you get your feet wet w/o taking a complete bath.

John,I think it is best to keep an accurate accounting, let it accumulate and give it back when they move out.

My longer term goal is to accumulate multifamily rental units but will also look at SF flips or condo conversions as well.

My "business" is the accumulation of income producing assets which will help my family achieve financial security and leave a legacy for my family and for the causes we believe in.

With a buy and hold strategy accumulating SFR rentals into a portfolio for retirement, let's say you cash flow an average of $300/mo per house (after all expenses/mortgage).If I was to generate like $9k/mo in order to "retire", that means I need 30 houses, correct?

I tend to think of flips as a means to an end (accumulating real estate).  

You really need to accumulate cash reserves to cover such big expenses.  

I hope to see you sharing the knowledge that you've accumulated with the rest of our community!

Older people have had a lifetime to accumulate assets.

He started from scratch 40 years ago and steadily accumulated his wealth starting from nothing.