As an exercise, I made a quickie spreadsheet to run numbers on new build, renovation, or 2nd units a year or two ago. 

As a mental exercise, close your eyes and pretend I am a financial advisor, seeking an investment from you.

I also agree that depending on your own level of skill it may be advisable to get a professional opinion.Can we agree that the situation with the CRA position has changed and that serious due diligence should be exercised before using one as a Tax resident of Canada?

It seems to be more of a training exercise.

One popular way to do that is after rehab get yourself a decent lease option to purchase client, collect the first three month's rent then have them exercise the purchase using an FHA loan.

It's exercise and a stress relief for me. 2 - I am on site at the property while signage is in the yard and people are stopping by.

You would then sub lease the property to your tenant & exercise your option, purchasing the house at a later date when you can get more traditional financing.

The IRA does a lease option back to them for 3 years, very low monthly lease payments, option price at $75K.They get to stay in the house, save cash, and have time to work on fixing their credit.IRA gets a nice return when they exercise the option in 3 years (12%+) after they fix their credit and qualify for a loan.

and the garage door will be good exercise for them.

Which means you need to get the short sale approved by the lender.Trying to get a great deal on a pre-foreclosure, or for that matter a REO, is an exercise in frustration.