Just remember if you want to purchase another one you will need to refinance at an 80% LTV as you can only have one CMHC insured mortgage. 

This will still qualify for a residential mortgage and you have a better shot of completely offsetting your entire payment.

These special taxes could potentially add $150 -$250 to your monthly mortgage payment. 

The property will be strictly for investment purposes, not a primary residence.I’ve been looking into two potential financing options:Hard Money Lenders (HML) – I’m drawn to this option for its speed in closing, but I know the rates can be higher.DSCR Loans – This seems like a great option for long-term rentals, but I’m unsure if it’s the right fit for my auction property since it might need some rehabbing.I’m also considering purchasing through a land trust or an LLC to add a layer of protection and privacy.So, my questions are:What’s the best way to approach financing for auction properties?

Best of luck 👍🏻 @Justin This is almost perfect advice but you do need 3.5% down with an FHA mortgage.

high interest rates have hurt cash flow and long term rentals are still a great investment... they're just not going to throw off rental income in the first few years of ownership.

What they will offer you is an appliance package, or closing cost help, or a low fixed rate loan. 

Huge thanks to Bo Stevens from Jean D'arc credit union, for helping me get a solid loan with a 6% interest rate with a super smoothe process.

The higher the cap rate, the more risk involved in the building. 

Note if you go over 4 units, your valuation will be based on NOI and comp rate.