But you also need to check on them for updates so you know how your property is doing financially.

Quote from @Kailas Tare: When deciding which market segment to target in real estate—whether it’s multifamily (MF) properties or single-family homes (SFH)—it's crucial to consider the dynamics of the competitive landscape and your own financial position.

-------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

Meet with financial advisers/wealth managers and see what other options other than real estate there are and how to best allocate / diversify. ie have you maxed out your TFSA?

That may not apply to you, as a financial professional, but I thought I would share the story.Obiously you could re-lever your portfolio to bring the ROE back up, but then you have to place those borrowed funds somewhere that nets a high enough return that the portfolio is ahead, given the drag of the interest and any transaction fees.    

Financially I do not need to have it rented tomorrow, I can wait a bit.

There should be some financial advisors or real estate attorneys on here around your area who specializes in hospitality ventures and might provide valuable insights tailored to your situation.

A good rule of thumb is to have at least $5 to $10K in reserves per unit to cover these situations and avoid financial strain.Thank you for the reply and help!

May affect your ability to work in the financial field, or in any managerial position of a company that’s raising venture capital8.

This could be an opportunity to add value by offering to help with clearing or relocating those items as part of any potential agreement.Why This Could Be a Good Move for YouYou see long-term potential in the property, especially with the large lot and development possibilities (even if those are years down the line).As the current tenants, you have the advantage of a direct relationship with the landlord and familiarity with the property, reducing competition and risk.This could be a chance to lock in a property that you might otherwise lose if it hit the open market, especially in today’s competitive environment.Challenges to ConsiderIf the landlord is emotionally tied to the property or reliant on rental income, they may be reluctant to sell.Financing could be tricky, especially with today’s interest rates and the gap between the current rent and what a conventional loan might cost.The development potential you’re interested in is likely a long-term play, which means the property could be financially tight in the short term, especially if you’re only breaking even or slightly negative on cash flow.Structuring a Potential DealTo make this feasible, you’ll likely need to explore creative financing options that align with both your financial capacity and the landlord’s goals.Seller Financing: Propose a deal where the landlord acts as the lender, allowing you to make monthly payments directly to them.