I have been in the books and came accross Bigger Pockets, i would like to dive head first into real estate investing but the un known is a little scary.

I now am more selective about loan officers as well as lenders. 

Most properties are remotely managed by owners/PMs and what was suggested would be an impossible and unrealistic standard to set - much less enforce. 

Lots of people rent houses for parties as well, and you won’t be able to do anything about it.  

Setting rent significantly above FMV could be seen as an attempt to shift income or inflate deductions, leading to potential penalties.

If it sold for $120K in 2007  , and your rent is $2000 a month , the landlord is probably cash flowing rather well .   

We have an acoustic panel set in there for aesthetics and sound.

The right agent will have worked with Canadians before, will have lenders set up that can work with Canadians and will have a seamless process for management.Not only can an agent set you up with a GC, property manager, lawyer, insurance broker, inspector and everything else you need, they can analyze deals and put numbers in front of you.Your job as an investor is to vet the vendors they are providing and double check their analysis.  

Best neighborhood and best assets are subjective and largely based on the individuals capabilities (balance sheet, skill set, time etc.)

MTRs fall into the standard long term rental( 30 day +) category and will follow those regulations set for Long term rentals.