In other words, not resold to the government so the bank had more flexibility on the condition.I look at the original commitment letter and it states "xxx amount will be advanced at closing for the purchase of an investment property, and the remaining balance of the loan to be placed into an escrow account to be disbursed as improvements are made".No points, and only one closing, so I don't have to deal with a short term HML that I have to refinance in under a year.Hope that helps!

It has its challenges for sure.

The real issue that can and has reoccurred more than anything else IMO is that the original seller cannot just waltz out and get a new loan after their credit has improved.

One of the key challenges I’m facing is understanding the financing options available to someone without Canadian residency or a local credit history.From my research, it seems that a 35% down payment is often required, with interest rates around 7.5-8.5% for non-residents.

Seller number two walks away with all their cash, and seller 1 who already agreed to SF has now become a PML without the challenge of negotiating each deal with them.

Challenges?

At the same time, someone else reduces your debt, and you get to use the tax code to improve your tax situation legally.  

It's definitely challenging but there are lots of people doing it in Canada.

If you believe your property’s assessed value is too high, you have the right to challenge it.

Brittany Finding a great PM can be challenging but not impossible.