Draw backs are the age of the units and very small lot sizes.

Any tips on the benefits and drawbacks of that would be greatly appreciated too.I am thinking this could be a great opportunity for me to get started so I am trying to find all the information I can before she is ready to sell.

Don't see why you couldn'tI do 401k loans for rehabs and stuff from time to time - quick, easy, paid interest goes back into my account and 50k is plenty for what I do most of the time If you don't pay the loan back it just turns into a withdraw (with some penalties) so it's less risky imoThe major drawback is the loan amount misses time being in the market.

There is a lot of information out there, and often the analysis paralysis is the biggest drawback to it.

Are there any drawbacks to what im thinking?

The other thing is that if you are looking to save money on calling it a primary residence on taxes, that goes away with it being in an LLC and there are some other drawbacks.

There are many ways to find deals.Some are better than others, and some are simply the best, yet there are some advantages and drawbacks to all.A lot of thought goes into strategic lead generation and this is where there is a huge continuous debate going on which lead generation method is the best.You can focus your effort into just blindly getting leads where you continuously have to do the work and/or pay money to stay in business, or you can focus on doing the legwork now and set up your automated lead generating machine so you continuously and automatically get leads whether you do the work  or not.Most investors do not have the patience or foresight to realize  that lead generation is something that takes finesse, technology, systems and opt for  always grinding  as long as they see something happening (which is not the same as "seeing results".That said,  your question  should not be  "what are some ways to get deals".Your question is how do I set up a lead generation system that will provide me with continuous deals and make money from these deals.You cna do door knocking to find deals, you coul dput up bandit signs to find deals right?

Each has benefits and drawbacks

I am originally from Saskatoon and the biggest drawback of Regina is the soil.

It's a big unit at 1500 sq ft but, one drawback is there is only one bathroom and it's small.