Consider yourself fortunate that your property is still covered by your insurance carrier.

Unless they cover this somehow in their contract, this is illegal.Hope this helps!

My business partner and I financed the deal for 1272 Lakins Rd entirely with cash, covering both the purchase and all renovation costs.

So I would caution everyone to make sure the replacement cost for your improvements will realistically cover your actual replacement cost in the event of a total loss.

We're new to real estate and would appreciate advice on our current home in Texas and our future place in Oregon.We love our house in Austin and aren't ready to sell, but as a long-term rental, it would yield (from what I understand) negative cash flow, covering principal and interest but not taxes and insurance.

[I think someone else provided an example of this case earlier]-Now provided you do qualify for purchasing a house (4 units or less), you will have no problem qualifying for a mortgage with a Schedule 1 bank as long as you provide the down payment (35% minimum of purchase price) and confirm proof of fund and the source of it- On the proof and source of funds, the banks would want to see an income enough to cover the mortgage payment and other expenses. and in some cases, they would want to make sure they know how you're going to cover your expenses (housing, heating, etc..) where you live.This is usually where it gets annoying for some folks but if you can satisfy this, you should be able to qualify for a mortgage just likely any Canadian tax resident, albeit you will pay a little more in terms of interest rate, etc.

We have had a pipe burst during the cold winter months, the roof needed to be replaced (thankfully covered by our insurance), and some issues with electrical, which hasn't been majorly updated since it was built in 1973. 

If the market rents do not cover the mortgage, you may do a no ratio DSCR for a higher rate/reduced LTV  Which most likely the 1007 will be nowhere near the revenue generated by a PadSplit operation.

If the rental income from your condo can comfortably cover your mortgage and leave you a little profit, moving out might make sense.

Umbrella Policies are good, but they are not an asset protection tool, they only cover litigation/damages after you’re already in litigation or found personally liable.