Nothing wrong with a cool 12%

Out of all the properties I've owned I've never been the "landlord"...it's really a technical term that has stuck around for some reason...anyway, my position is always that I work for the company that owns the property...even though it's my sole or multiple member LLC...there's nothing wrong with holding property in your personal name...an LLC really doesn't offer that much protection anyway...I guess the point is to consider transferring title to your LLC...though there are some things to be aware of here. 

Someone can correct me if I'm wrong, but if you don't have $200K ready right now and access to $800K in loans (traditional or private), then you'll have a hard time getting into the Toronto Market.Hamilton is the closest, most affordable market going west ($60K down, $240k mortgage, on MLS).

I play video games, and I lead a very productive life and invest in real estate.I missed it if Account Closed said he is a gamer who expects to make money off of it, but come on - there is nothing wrong with taking some time to relax sometimes, and some of us enjoy using video games for that :-)

You do not appear to want to take any risks in losing this tennat making the 3rd dog a fait du complies.I would only point out that there is something wrong with the info you have received from your tenant.

Think of all the things that could go wrong and see if the lease addresses them: unauthorized pets or tenants, early termination, security deposit, lease violations, late rent, eviction, lawn maintenance, parking, etc.5.

An addendum was made for the inspection, just in case something major was wrong like foundation or busted pipes.

And I think that's great, don't get me wrong. 

I'm all about saving some money where I can, but I've heard that if something is wrong on the filing it may delay or prolong the process and getting in contact with the IRS or state reps can be difficult.My brother and I purchased a property 50/50.

With BRRRR, there are so many things that can go wrong as you rightly pointed out.