The question that you need to ask is what is the 10% increase that is allowed based on? 

It sounds like a single family house where you will be living in the house(personal use).Therefore, you may not be getting the tax benefits you think you are.Consult an accountant.I am not sure why your sister would agree to this as well, she is losing $170,000 in this transaction and she faces the possibility of you increasing her rent.You also have to charge market rent or close to market rent or it is all deemed personal use.

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?

Upon BP member recommendations, my husband got his real estate license which now helps increase our access and decrease our transaction costs.

The city is working on getting a a ferry to NYC which should increase rent / appreciation.

My ultimate goal is to build a portfolio of cash-flowing properties to achieve financial freedom.I’m currently seeking mentors who can guide me through this journey and help me avoid common pitfalls.

Congrats on the journey and reaching financial and time-freedom!

.- Builds long-term wealth - Generates rental income - Increases equityCons.- Complex process - Requires financing - Dependent on market conditionsAirbnb:Pros.- Potential for higher returns - Flexible pricing - Short-term commitmentCons.- Requires active management - Subject to regulatory risks - Income can vary seasonallyI wish you the best in your new venture.

As a contractor and cabinet maker it made much more sense financially to purchase a home with a rental unit and manage the property myself.

If you have a high level of faith in the company you are working with, then time will do what it is supposed to do and increase your IRR.