Also what am I looking for to know if the area is a suitable place to invest in?

You can also call the city planning and zoning department, give them an address and they will tell you if the property address is in a zoning suitable for nightly rental. 

What makes a LLC useful is guidance from a licensed professional, tailoring of a LLC operating agreement suitable to your business needs, and a variety of other operational details such as properly maintained records, establishing banking, insurance, and other vendor relationships for the LLC correctly, etc.  

What is the average cost of renovating a basement apartment with 3 bedrooms and a kitchen in Toronto to make it suitable for renting?

I suggest to you though that you attend a few Reia meetings and see if you can find a suitable person you can jv with on a deal ..before you jump into the deep end .. you may be able to swim better than most but its always helpful if you have inflatable's helping you .. in case you didnt catch the metaphor.. the inflatable's is someone who has a bit of experiance that you jv with .. lol.. i knew you got that but .. i just am in a mood this morning i guess .. anyway .. keep us updated ..i would love to know how things go with you in the future .. as for me ..im closing on a flip in about 14 days .. only 3 days left to back out if i find there is unexpected damage  .. my partner is reviewing my rehab budget today .. i hope he appoved and we move forward .. anyway .. goid luck again .., and i will never get tired of saying ..God Speed .. michael short 

Snohomish county’s TDR program seeks to use market forces to discourage residential development of important natural resource lands, considered “sending” sites, and redirect this development to more suitable lands, typically within urban growth areas, considered “receiving” sites, that are appropriate for more intense residential use." 

We are still looking for more partners on the ground in the US who can look for opportunities that are suitable. 

Thanks @James McCard for looking for a suitable location to meet up. 

The full months rent is for marketing your vacant property which consist of advertising your property listing on over 40 different rental sites, producing a full color marketing flyer that contains photos and information about the property, following up on all the leads from the over 40 sites, showing the property as many times as it takes to find a suitable tenant and screening the tenant for credit, background, evictions and judgments.

Dm me if you are interested in the str arbitrage...I do have a property that is suitable for you starting out.I own an Airbnb five minutes from this property @85%-100% occupancy ,booked till December.Reach out if interested.