Land Transfer Tax eats you alive upfront especially in 416.. 

@Arie Van Gemeren thank you for adding some positive outlook to opportunities and wholesome reasoning to the statewide bill.

We're also a bit worried about the owner-paid utilities, as this could definitely eat into cash flow. 

There was a lot I thought we could get done on a shorter timeline, but once I realized that there were bigger more pressing issues that needed to be addressed before we could fix the things I thought needed to be fixed, I realized that would eat up my budget, and kill my time line.

So should I fix it up and cash out refinance it, or now use HELOC from another rental I have to pay myself back, or just eat it and use HELOC to purchase another house?

However, you would have to make payments on that loan, which would eat up any potential for profit.It's a bad deal.

It's possible to purchase a home without any closing costs and no seller concession, but you would have a higher interest rate & payment, which eats into your return.  

Cancel all unnecessary expenses, eating out, cable TV etc.

Example:If an investor had only 2 options for eternity and he/she was only able to eat food purchased with the Cash Flow from the decision: 1. 

Would you accept rent via credit card and eat the 3%?