The next time you apply for a mortgage (same lender or different lender, makes no difference), underwriting is going to look at the file and apply a "BS Test" to see if it looks like you did indeed live there for that year you promised to. 

It was a C-class property and had lots of deferred maintenance, but over time these got worked out and it was just sold as a B-class with more than 200% appreciation.We bought well and required a positive cash flow on day-1 (ie the break even point was 70% occupancy). 

Finding a b,c property where you can value add would be a good strategy.

So my idea is to try out buy and hold, and at a fairly high level (A/B neighborhoods, I guess), where dealing with tenants shouldn't be too stressful, even if the profits aren't as good.

Waggoner Estate is managed by A. B

Here they way we think:  our A/B properties are in areas with soild income/professionals that have good schools.  

I am interested in sfh 1300sf and bigger in A-B neighborhoods. 1% Rule minimum.

I guess the bottom line, for me at least, is that for a B- property, lack of central AC isn't a deal breaker if the numbers work.

To get a taste I'd recommend acquiring a multi w/value-add (lots of sweat in other words) in a B+ area wher you can live and rehab and above all, LEARN as I've observed over he years it's not how much capital one has at their disposal but knowledge that will ultimately yield you the "cash-flow" you're aspired so to grow.  

Hey, I was wondering if anyone knows of any investor meetups or groups in Calgary, AB that focuses on multifamily apartments?