My advice, if you read or listen to that stuff, is take it with not a grain of salt but a pound and don't implement anything without your attorney reviewing what may likely be a creative financing mess.

I have already implemented a filter system to remove the iron, just am now trying to get the stain removed from the shower base. 

Luckily, as a safeguard, Cdn banks have recently implemented a "stress test" to their underwriting standards, and use 2%+ to the going rate to ensure the DTI of the borrower is still within limits.  

House hacking for your first property is an excellent idea, I am looking for my first property as well and trying to implement the same strategy.  

But for many people (who are not technically inclined), those solutions are a big challenge to implement and maintain.  

I'm going to implement a couple of them!

@Derek Lacy summed up the situation nicely with regards to how the policy should be implemented when using an IRA held with a self directed custodian.I wanted to speak to the topic of your liability exposure personally.  

Now this may not be your approach, but it works for those who want to implement it. 

Just by setting up an account you will save over list shelf price.Another thing that I am just beginning to implement is a little more extreme and you have to think a little bit ahead but with a little planning most people can do it and save good money. 

Real estate is always risky no matter how you go about it, it will make it easier if you know exactly what strategies you are implementing and you will have more exit strategies underneathe your belt.Go for the gold and make sure you are doing things correctly.