I have equity in my CO rental; I don’t have a large enough sum saved up for a down payment yet so I’m wondering if a HELOC would be an option on my CO property. 

I'm considering leasing out storage space for boats and RVs.  

I assumed you'd use HELOC for down payment + another loan for the rest. that is 100% financed. 

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.

I will be into it about $9,371 with closing and have a payment PITI including HOA of $1,205.

I'm sure every municipality will interpret the laws differently.65852.2(D) (iii) The accessory dwelling unit is either attached to, or located within the living area of the within,the proposed or existing primary dwelling or dwelling, including attached garages, storage areas orsimilar uses, or an accessory structure or detached from the proposed or existing primary dwellingand located on the same lot as the proposed or existing primary dwelling

Together, we have over $200K (mostly in stock market investments), and our parents may help with the down payment.

Your son is responsible for making payments on time or ruining this seller's credit. 

-Rent collection and financial management is probably not at the top of the list based on some of the challenges that we hear about, mainly because if you are lucky enough to have solid tenants and low vacancy, this is easy peasy, but if you have some challenging tenants that default on payments, or the possibility of an eviction arises, it can be worth paying a management company to help guide next steps. 

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