He recently renovated the upstairs of a SFH and it is one of those situations where you really have to be mindful of the financial undertaking of a major renovation. 

So this is going to be a  hard deal to undertake on your first investment. 

Then I would use that lot to build 4 homes as this business undertaking and hope to have the cost of lots be part of my investment, meaning when one day I sell those new homes, I will subtract lots and cost of building from my sales, so to reduce my eventual tax on the profits.

No easy undertaking though so hopefully your expertise has led to a great opportunity.

The idea of 5 bucks here and 10 bucks there and inching their way to financial freedom the way many of our parents and grandparents strived to do it is too much to undertake, so it leaves them on the sidelines. 

Tenant shall not paint, paper or otherwise redecorate or make alterations to the Property without the prior written consent of the Landlord.

--I've never gone through with a conversion like this, but I've explored similar undertakings in the past.

We do that for some of our clients that look at way more properties than they undertake.

The Vendor was unwilling to undertake the work to have the tanks removed and {possibly} the soil remediated - nor would he entertain a reduction in price or an escrow of a portion of the purchase price in exchange for us tackling the issue - and the deal came unravelled.Now being obliged to disclose the results of the Phase I to other potential suiters, the Vendor ended up removing the tanks some months later.Most jurisdictions in Canada will require an abandoned UST to be removed ... even it not abandoned, if the tank is older and steel, it may have to come out.

Your in the game you might as well play where you have the greatest chance of success.It is all about risk assesment in my humble opinionI prefer to risk everything I have because if i lose what I have I will have it all back in under 5 years most likely in 2 years.If I don't risk it I know I will be broke and unable to retire.Hmmm what is retirement......I don't think Ill ever do that one because my definition of retirement is to be able to go where I want when I want and do what ever I want to do.........So I make a few phone calls during the day and make more money for doing so......I will never quit teaching people This business because It has made me a truely free man.One will never be free until one has no attachments in life because attachments by the nature of the word attach us or tie us down......I am not attached to my money or things....I can't take them with meI am not attached to life.......when i die my body stays hereI am not attached to my wife and son .....I love them but they are their own spirits.......If we had never taken the risk to travel to the moon we would have never reaped the benifits of such a great undertaking..Sorry but I believe that all things are possible to him that believe...I guess it's kind of a sensitive subject for me.