Instead of evicting them, i was thinking is there some way that I could rent it back to him for very cheap (mainly to cover just the taxes/ insurance) ie 2k a year rather than the going rate of 2k a month for similar properties.

Do you think it's common for a tenant to sue for an amount greater than insurance can cover, then take your property or even your personal assets? 

We have an event this Saturday Feb 12, 2022, you can check out the Bigger Pockets page for it here:https://www.biggerpockets.com/...The group's page on Meetup.com is at:https://www.meetup.com/real-es...There is a $5.00 contribution which you can do in cash at the meeting as well, it doesn't come close to covering the cost of the space but I may be able to get another space shortly. 

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.

But you can get value out of all of them if you work them right.The reality is, for profit or non-profit, all REIAs have costs to cover just to operate.

You might also consider creative strategies, such as renting parts of the property to cover expenses while you navigate the process.Best of luck, and I’d love to hear how things progress.

Structuring the agreement properly, outlining how profits will be split, who covers the rehab costs, and what the timeline looks like can ensure the seller feels confident in the process.

My broker could not find any other carrier to cover a rental condo. 

[I think someone else provided an example of this case earlier]-Now provided you do qualify for purchasing a house (4 units or less), you will have no problem qualifying for a mortgage with a Schedule 1 bank as long as you provide the down payment (35% minimum of purchase price) and confirm proof of fund and the source of it- On the proof and source of funds, the banks would want to see an income enough to cover the mortgage payment and other expenses. and in some cases, they would want to make sure they know how you're going to cover your expenses (housing, heating, etc..) where you live.This is usually where it gets annoying for some folks but if you can satisfy this, you should be able to qualify for a mortgage just likely any Canadian tax resident, albeit you will pay a little more in terms of interest rate, etc.

If it is in a market where long term appreciation is expected, and conservative underwriting projects that the payment will likely be covered, then I think it is smart move.