If they don't pay your judgement you file it as a lien at the courthouse and they won't be able to get a mortgage to buy their home until that judgement is paid because that lien would apply to any house they buy and be in 1st lien position BEFORE the mortgage.

Me and my clients all use a low money down conventional mortgage (as low as 5% down) with NO PMI and extremely low closing costs. 

Principal mortgage balance is $159,531.

I've been teetering around the idea of house hacking once I am done with college, but a big issue I have come across when speaking to a mortgage broker is the fact that I need to prove 2x of the mortgage in monthly income.

You still have to pay your mortgage.

Tax structures and mortgage regulations might also shift as canada mortgages are very different.What do you think would happen? 

Does size of mortgage paydown become a factor here?

:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

Recommend you look at Lockly locks with built-in camera, so you can also see who looked at the property and tell if the door was properly closed. 

I own one rental property with a mortgage of $3,400 and rental income of $3,300.