Quote from @Bill B.: You’ll have to adjust my US numbers to figure out how it works in Canada.

@Bill B.

However, required downpayments were typically 40-50%, and would be difficult without a residency visa.

If you elect a PPP shorter than 2-3 years in most cases, the lender is simply going to collect that fee A) upfront as points rather than as a PPP, or B) with yield, meaning a much higher rate.  

@Stuart Udis @Robby Sanchez @Nick B.

Which leads us to:2) Are you 100% positive that a) an STR, b) in Florida, c) right now, is the best place to put your hard-earned equity?

Of course, many investors bend/break this rule, but that's another risk.2) If your bid wins the foreclosure auction, you then have to deal with getting rid of any occupants - who may steal/damage everything they can in retaliation:(3) You MUST have a great crew on the ground that can minimize surprises - not easy to do on your first deal.Regardless if you buy a foreclosure or other property, read our copy & paste advice below:-----------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

More than likely, the loan officer on your file either A) didnt know their own product very well, or B) glossed over this aspect in order to get the loan to closed due to a lack of integrity. 

Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620 (approaching 22% probability of default), many blemishes, but should have no evictions in last 2 years.

In my mind I was already expecting it to take a couple years before seeing anything, just b/c projects tend to have delays anyway, and these are big projects.