I kept that license about 30 years.Right after you close get an insurance policy that will protect you if there is a loss.  

First of all, this would be an insurance nightmare should someone get injured on common area.

So the Mortgage includes the taxes and insurance. 

Realty Tax is about 18k a year insurance $7500 water sewer avg $16k utilities $8-9k.

Buy at a great price + location + good numbersRentals don't have to be rocket science.Figure rental rate based on like kind rented properties near by.Subtract: taxes, insurance, repair % (7.5%, but varies based on prop condition), vacancy (2 months), capex (5%, but varies based on prop condition/age), pm if using (8-10%).

That can work.I'm wondering if you can somehow creatively do this deal where you pay an extra $5000 for this new condo, but have $5000 held back by the seller for you to do some kind of upgrades, but then just use the $5000 to pay down your original condo so you can get to 80% LTV in order to drop the PMI insurance and refinance at a more realistic rate.Is that HOA monthly? 

Risk can be mitigated in markets that are stable or have modest growth during dips or in sub-market locations that are desirable.  

I teach my clients to have all the expenses on auto withdrawal  ( mortgage payments, monthly assm, if needed: tax and insurance) and have the phone number of few handymen on speed dial.

Their asking 65,000Gas & Elec $99.00 month  Bath's updated.Mobil Home Insurance $500-700.00 mo.Can I get some feed back

CMHC high ratio mortgage insurance will cover up to 4-units (though the minimum downpayment required is larger for 3 & 4 unit properties, than for SFR or duplexes), provided you reside in one of the units.