I countered back with 28, now playing the waiting game.

Yes, property tax definitely plays an important part when making our decisions. 

You buy properties playing defense going in and (what if) strategies.

Play in your own backyard.

Both have outlying areas that are ideal for what you're suggesting.

You can somewhat 'play' with that scenario by upping your appreciation input, but to me that is gambling if you push it too high. 

Get into another 30 yr 3.5-4.5 % interest loan with 3.5% down payment..... and you still have probably over 150k to play with on an investment property purchase.

I think the best play is to go conventional at 70% LTV, refi after 1.5-2 years and go CMHC for long term.What are your thoughts?

Going in I knew it was tenant occupied but on a month to month (but paying weekly) and it was a fast close and typically I deal with any inherited tenant situation while still in escrow and have some kind of contingency/agreement in place for that but I bought through a wholesaler this time and it was basically a no contingency deal.

My saving graces are my house is in ideally situated between a downtown area, a college, medical school and a massive Navy Base with a solid rental history (knock on wood).