I'm a new (soon-to-be) investor although I'm narrowing down my buy box including the market and strategy.

Multiple people including myself have tried to caution him of the the true costs but he's been repeatedly dismissive and has made it clear we give him motivation and he wants to prove us all wrong (whatever that means). 

One thing that I REALLY hate is that most of this Lawyers have great structures and setups...but very expensive packages that include entities that are not necessary.More info tomorrow.  

I suppose I should have included that info.

These are amortized payments that include a return of principal each month.

A rare combination. 

For example we pay our own income taxes, broker splits and all of our other expenses directly out of what we make including required E&O insurance, MLS dues, licensing fees, Board of Realtor dues, continuing education costs, marketing, advertising, office fees/rent, transaction coordinator/ assistant fees, health insurance, car insurance and maintenance, gas, tires, software, retirement fund, etc.We are not W2 employees with payroll taxes already taken out of our paychecks, company-paid health insurance and matching retirement account plus a guarantee of at least 40 hours paid work per week, sick pay, paid vacation… none of that.So if you’re thinking you’ll be able to pay an hourly wage typical of a W2 hourly employee like $50-85/hr… that’s definitely not going to work.

Was at one last week that included City of Calgary who did a presentation on legalizing illegal suites and accessory suites in general

The risk of "piercing the veil" applies more to LLCs when personal and business finances are not properly separated, not necessarily to individual landlords renting a portion of their home.A more practical approach is ensuring you have a solid lease agreement, sufficient liability insurance (including an umbrella policy), and properly reporting rental income and deductions on your tax return (Schedule E).

I have clients (including myself) who invest here and out of the area.