Ottawa's appetite is far too insatiable.

Since you are going to be doing a total gut and structural work, city (if they would allow it) is going to ask you to put in some form of fire suppression system (another added cost).  

If this is your first venture, you may want to have the appetite & holding power for it.  

Congrats on finding a market that works for your REI appetite.  

These vary by lender, borrower and deal but provide a foundation for discussions with your lender about your plans and their appetite for them.Playing in the 10-75 unit range can be problematic in certain markets as well since 3rd party multifamily property managers may not service that space and you may have to self-manage or work with SFR managers (who do not have MF systems and vendors in place and the property size may not be able to support on-site management).  

At that auction you had to pay 100% of your bid plus costs within minutes of bidding, so there was no time to go get a mortgage and that suppresses the pricing. 

I have the appetite to start with something that needs *some* work, but I have to house my young family with me.

Obviously everyone has their own investment strategy and risk appetite, but it would seem to be that you could do better than that.

My plan would be to rehab the apartments to a decent standard off the bat and then do a big overhaul on them over time.I think it's probably too bigger steak for my appetite off the bat, but it's definitely an interesting prospect.

Then suppress when you buy new lists to make sure you aren't paying twice for the same lead.