The buyer agreed to cover the cost of the new appraisal, which came in significantly above the purchase price.

[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.

Namely, that if a tenant (in this case accompanied by a whole family) ends up stop paying rent and I would be on the hook for both covering the mortgage and dealing with open ended legal costs and time.

Do you happen to have an HOA covering the neighborhood?

If you can rent it for enough to cover the principal, interest, taxes and insurance and still put money in your pocket, plus cash flow on the property you're purchasing, that would be ideal.

I think I’ve covered my bases, but I’d love to connect with others working on similar models or interested in this niche.Looking forward to hearing your thoughts!

It took about 5 years for my assets to start covering my expenses.

Hey Sean, Thanks so much every day is a day closer to it happening while covering the investment as much as i can. 

Structuring the agreement properly, outlining how profits will be split, who covers the rehab costs, and what the timeline looks like can ensure the seller feels confident in the process.

Holding a piece of real estate over time that a resident provides every dollar you will need to cover the holding, maintenance costs, and financing costs, all while it goes up in value, is the same with a property marketed "turnkey" as it is with any piece of real estate.