It’s awesome to see you taking action and diving into real estate education.

It's a great way to increase your net worth and these loans can also be used to pull cash out of a property as it appreciates allowing you to reinvest money into new deals.Happy to connect to discuss further. 

At that time we could renovate the ground floor apartment and potentially turn it into (2) apartments for a total of (5).My questions come down to how do we deal with the existing 40k mortgage, whether we can make it work so her parents aren't paying much in rent, if anything at all, and whether or not we set up any legal entity, like a trust to help the legal situation of paying off her sister down the road. 

Your new place should turn into your new business location as well. 

He's got a great wikipedia page that breaks it down. 

Or repatriate back into Canada?

Downtown is about 10-15 years in to a gentrification cycle and varies from block to block. 

I'm currently diving into some older BiggerPockets content from around 2015, specifically The Book on Rental Property Investing by Brandon Turner.

I mean come on.. this is big boy/ girl deals.. best one can do if they are cash challenged or credit challenged is somehow talk thier way into a contract and flip it.

Many are eager to secure properties before the spring season fully kicks into gear.