Mind you the drawback of the FHA loan is the low downpayment which eats away at your equity. 

The draw back to these loans is that they are more paperwork heavy than the other "portfolio" types of loans....but if you have ever received a loan on your primary home, it's likely that you will go through the same type of paperwork here with conventional lending.

I could draw back ($2500 payment - $700 interest) = $1800 back out if I wanted to.

In the case as outlined by my CPA is there any drawbacks to amending the return or is either strategy is perfectly acceptable. 

The one draw back it’s harder to get financing as Canadians.

The cost factor of setting up an LLC is a potentially the biggest drawback of that setup, along with end of year reporting and K1's etc.  

The drawback is you might not feel as connected without a traditional office, but when you have one, you pay for it somehow.

Conor, I think you laid out the benefits and drawbacks pretty well. 

Another drawback for you as you said you want to move to California and that means you will hire Property Manager to manage your condo and you will have even less cash flow.

The draw back to these loans is that they are more paperwork heavy than the other "portfolio" types of loans....but if you have ever received a loan on your primary home, it's likely that you will go through the same type of paperwork here with conventional lending.