You can prevent this by requiring them to add you as "additional interest" on their policy.

prices are high, interest rates are high, there is tremendous demand for inventory, and - one thing that doesn't get mentioned enough - a record number of properties are debt free. 

The bank will make you leave 25% equity in the property - but you also still want the property to at least cash flow some - so be careful how much equity you pull out / new debt you take on.I would do a cost benefit analysis of what your actual gain is in cash-flow on buying a new property with a (currently) higher interest rate (if financing), versus just holding on to the current appreciated property and enjoying that cash flow.All the best!

Eliminate debt, establish a budget, and save.

Debt is rarely a factor in their issue. the ultra wealthy I know  with a few exceptions have very limited debt.. to no debt. 

Given that you're not married, that adds some additional complexity.  

Here's the deal: You don't need to withdraw and return the current security deposit just to collect the additional $100.

Very interested in the Cleveland/Ohio market in addition to a few other cross-border cities closer to Toronto. 

I would have contacted the locksmith tech to get additional details before assuming it was tenant damage.

I literally laughed through the phone at his suggestion, because I was broke, in debt, and in every way and unqualified borrower, and the lending environment in 2012 was probably stricter than it had been since the invention of the 30yr mortgage.