Would it negativly affect my mortgage, or do I need to notify my lender at all to build the second home on the lot and then figure out the lot split later if it's necessary for renting or selling the new or original home? 

Rents aren't always amazing, prices, interest rates, etc. 

In Canada, especially Ontario and BC many investors are leaving for more landlord friendly locations.

I'd be happy to share knowledge.Hey Dennis.Thanks for the comment.I'm looking mostly at larger syndications deals (150+ units, multi family), doesn't really matter where exactly, as long of course that it's a good, quality location. 

@Judd CampbellThe rentals are located in the US, so the income is not considered foreign income.

Doesn't mean you can't rent out rooms  You'd put a smaller down payment down, but that means you'd have to qualify for a larger loan (ie 95% vs 80%) and have to pay mortgage insurance.

We just finished our first house flip and we are in the process of renting it out.

Subject-to deal: Cash required: $35k + 295k existing mortgage + 5k in misc = $335k for a 350k 2021 house.Pros202135k needed3% int. rateGood schoolsGood location CONS$145/m in HOACashflow is tightMortgage InfoLast Recording Date 10/6/2021Loan Type CONVENTIONALOriginal Loan Amount $319,105Loan Term 361 MonthsEst.

The old saying of buying the ugliest in a great location fits this property, but after reading other posts I know there will probably be difficulties with gaining clear title from an Upset Sale in any sort of timely manner.  

if it MUST be something creative, you could just simply to seller financing, or a rent-to-own situation.