And I am an electrician with many other home improvement skills i can create alot of equity with my own two hands, i figured after doing that to the single family home i could use a credit line on the house.

Option #1 will most likely meet that criteria, you can price for any major repairs/cap x improvements and negotiate those during the acquisition, this will help you hedge against major items breaking down once you acquired.   

Unless the condo is an improved living situation, you'll have some trouble getting owner occupied financing

I'm new to BP and just like a lot of people, I have read books, have been to YouTube University, and now I'm ready to start investing!

As soon as we walked through the house it was pretty easy to figure out how the kitchen could be improved.

With improving investment economics, is Montreal one of the last markets to see real value for multi-family properties?

But the property would never do that because of its design and limitations, so in order to make money, I'd have to either create more space/more bedrooms, or wait for the area to improve.

I've been listening to the BP podcast, and soaking up as much information as I can from YouTube, books, etc.

For me, I'd like high cash flow with opportunity of improvement and sale in 3-5 years.

I was baffled at how your successful career was spurred by something as simple (yet difficult to commit to) as self and lifestyle improvements.