The affordablity metric of Canadian RE works as follow: the closer your are to centres like Toronto, Vancouver, Montreal, the more expensive the property will be and t gets pricier, in the eye of those epicentres. 

All contact, maintenance, inspection, lease, anything is handled in a queue....not a call.

And another part of the town considers it to be residential, so it's exempt from most building codes and inspections that would normally apply to hotels. 

I’ve already put down a $2,000 earnest deposit and paid for the inspection and appraisal.This event is unprecedented in the area, as the area is typically low in violence and considered very safe.

You will never know the right number until you have a chance to inspect and get contractor bids, which will typically happen after an offer is accepted. 

And be sure that your offer can be rescinded upon inspection.  

Right now, I’m seeing max LTVs closer to 80% on purchases, though before COVID, we sometimes went up to 85%.Also, keep an eye out for lenders who promise amazing terms but demand large commitment fees upfront.

I can't tell the future, I just will tell you markets behave when supply and demand are close(r) to be met.

The guru your son is learning this technique from is likely not telling your son that the deal will almost certainly encourage your son to get an "off-market" deal from a "wholesaler" who is unlikely to properly disclose the details of the property or encourage an inspection. 

It is an area you are likely more familiar with and closer to which could be helpful for your first investment and as @Sarah Kensinger metioned, you may be able to do a MTR.