Quote from @Saul Vargas: looking in Phoenix or Vegas, do you guys have a better market on mind?

Hey Patrick, Do you have a US credit score or do you have credit in Canada?

Have you all invested in other markets already or is this the first? 

When you draw from the equity, you are "borrowing" it from the bank and have to pay interest.If you borrow against the equity at 7% interest and then loan it out at 15% interest, you are earning a positive 8%. 

I run a PM company in central CT called Ironclad Property Management. 

I have had 8 at my 3 bed/ 2 bath houses, largely because of the bathrooms. 

We have a property management company and real estate brokerage. 

I  have a detailed reply above that explains it and provides the code citation to read as well

You buy it and now go to look at your beachfront and see a dumpsite of shingles or tires, that will cost you more than the lot is worth to clear out and maybe have the EPA just waiting for someone like you to jump on with fines for the cleanup. 

If you have a good agent at Networth Realty they will get you a fair deal and keep both sides honest.