However, I have heard and read of many horror stories of landlords working with incompetent property managers who provide no real value.In attempt to avoid this issue, I am doing my due diligence and asking investors for referrals of trustworthy property manager.

Neighborhoods near major employers like the AFB often provide reliable rental demand, which is a great foundation for a long-term hold strategy. 

That is the only update I can provide today.

[I think someone else provided an example of this case earlier]-Now provided you do qualify for purchasing a house (4 units or less), you will have no problem qualifying for a mortgage with a Schedule 1 bank as long as you provide the down payment (35% minimum of purchase price) and confirm proof of fund and the source of it- On the proof and source of funds, the banks would want to see an income enough to cover the mortgage payment and other expenses. and in some cases, they would want to make sure they know how you're going to cover your expenses (housing, heating, etc..) where you live.This is usually where it gets annoying for some folks but if you can satisfy this, you should be able to qualify for a mortgage just likely any Canadian tax resident, albeit you will pay a little more in terms of interest rate, etc.

Without knowing stuff like this, all the answers provided are meaningless. 

I do NOT have enough knowledge or experience in this arena to provide specific “how to” accomplish this, or even to provide specific”proof” of my position.  

We've sold 65+ homes and the biggest request we get from our Buyers is help with closing costs.Most of our deals we're providing anywhere between $5K-$10K to help Buyers offset the cash requirement to purchase a home.Even in today’s "high" interest rate environment, many Buyers prioritize closing cost assistance over an interest rate buydown.

While this guidance provides general steps, it’s not legal advice; an attorney will ensure the process aligns with your specific circumstances.This post does not create a CPA-Client relationship.

A quick google search reveals that Minneapolis provides assistance for first time home buyers so there seems to be a problem with funds for first time home buyers in your locale too.

I filled out their survey and provided some constructive feedback, even though I don't own a STR here.