And all of this will yield first hand experience and perspective in our market so that when we do move towards property management, we will be able to have a much more sophisticated discussion about our needs and expectations due to the fact that we have done it ourselves. 

Hey Zach - you are very perceptive.

See what you find, and draw your own conclusions.See: Confirmation bias and selective perception.

Returns are attractive and you can think of these depending on the approach as being big, sophisticated flips over a 3-5 year period.  

I mentioned in another thread, but investing in a hot market like Toronto, is possible, but requires more sophistication by the investor.

There will typically be a full marketing package with financial actuals and pro-forma that brokers will send you on request.For smaller deals you're typically working with less sophisticated sellers and may get a rent roll, but I don't usually expect a full P&L report (nor do I trust the ones I do get) before I get into due diligence.

I haven't explored condo conversions or anything like that as it involves a more sophisticated market understanding that I don't have yet.

@Ashley Benning, many sellers (at least the more sophisticated ones) won't accept proof of funds letters from hard money lenders.  

This is one in which the issuer (or a person acting on its behalf) has sufficient information to evaluate, and does, in fact, evaluate, a prospective offeree’s financial circumstances and sophistication, in determining his or her status as an accredited or sophisticated investor.

This is strictly a perception thing in my opinion, not a legal issue.Also generally speaking the code of ethics for licensees makes things like wholesaling a bit of a gray area in terms of who all gets a piece of the pie (broker's comission split and other distribution of earnings)