Buying properties outright obviously reduces the risk quite a bit but it’s capital intensive.

In present conditions, seller’s can’t “shoot the moon” with asking prices, and buyers won’t face outrageously intense competition seen in previous months.

Real estate is a very cash intensive business and the aspects where little money is involved is not only risky but usually ends up in activities that are either unethical or against a contract.If you get approval from a landlord to notify them of your intentions, then there is nothing wrong with it, just be aware a landlord can go after you and garnish your wages should you not pay the rent trying to run a business out of their rental.This is not a path I would recommend a newbie take in real estate. 

I'm looking for anyone with some experiences on intensive water damage to properties...

I follow the general idea; however, the process sounds labor intensive.

Rrenting out rooms is more labor intensive that renting a whole house to one tenant.

You can read how I quit my CPA gig to buy large apartment buildings by clicking here: I quit my CPA Job to buy Large Apartment BuildingsI equate large apartment buying to a VERY intense roller coaster ride.Not the "kiddie" ride.Not the ride that just goes up and down.Not the ride that does a loop and done.The type of ride I am speaking of is very fast paced, can be thrilling, many moving parts, has ups, downs, turns, can be gut wrenching, sometimes the ride goes backwards, sometimes the track ahead falls apart and you need to take or make a detour.Sometimes the ride comes to an abrupt end and you feel empty inside with a thought of "that's it - this ride sucked and the seller info was crap what was I thinking”.Or sometimes the last ride was a total buzz kill and you have thoughts of never wanting to do the ride again.Trust me – I have had all of these emotional triggers and I am sure as my real estate investing career continues the ride will always have twists and turns.As a CPA I really get into the numbers and ask lots of questions.

The investment has to stand alone on it's own without my intensive involvement.

Toronto, unfortunately, is a bit capital intensive that way.

Renting out the other rooms in my house (house hack) pre-ADU has also gone pretty well, but the ADU permit/building process has been time consuming and capital intensive.