With your experience and a clear goal to build wealth and transition into multifamily commercial properties, you're on the right path.

A loan commitment letter carries more weight as it confirms lender approval, signaling a stronger ability to close.Addressing Closing Concerns: A commitment letter meaningfully reduces concerns, especially when paired with proof of equity and a track record of performance, even if on smaller deals.What Brokers Look For: Key factors are a reputable lender, clear terms in the commitment, and evidence of funds for equity and reserves.

A picture is worth a 1000 words and a project we helped someone on in the UP was able to gain support and approval by getting renderings done showing what the finished project would look like.

Seems like a very strict penalty if this is not followed through.The CTA provides that willfully reporting or attempting to report false or fraudulent beneficial ownership, or willfully failing to report or make updates to the reported data shall be punished with a civil penalty of up to $500/day while the violation continues (up to $10,000) and a criminal penalty of up to two years in prison. 

Quote from @Laura Morlock: I have an opportunity to purchase a very beautiful and unique property - striking century manor house directly on the river, 1.5 acres, huge detached garage/workshop, in a quaint little town 15 mins to two major cities and a little under an hour west of Toronto.I know the property inside and out, it's turnkey, and I would love to own it, but I don't know what to do with it.

Awesome and as far as tax deductions do you still do them to get a return or do you only do those so you don’t get taxed on your rental income 

Our agent is not an expert on this type of deal but suggested a short loan term of 3 or 4 years and a balloon payment and written up by a lawyer. 

If you have deferred maintenance this will be future headache and a phone call from a PM company. 

I went on Zillow and found this 1900 square foot house with 2 bed, 1 bath and a nice floorplan in the listing.

I just used my attorney as our registered agent, PO Box as our business address, and a separate LLC as the holding company. $50/ LLC and it literally takes less than 20 minutes for each LLC and costs less than $20/ yr. to renew each LLC.