I would think that a lot of folks who were in it 2-3 years ago were in it for the non-performers, and we know how that market is currently.I'm not currently buying because my capital is currently deployed. 

It is good practice to obtain the L&I affidavit of continuous use from the seller as this can sometimes improve the chances of securing the rental license even if more than 3 years has lapsed.To demonstrate the uncertainty of L&I when rental licenses have lapsed for more than 3 consecutive years I will share a recent transaction of mine. 

And you cannot use it to purchase a primary residence.You can however use it to buy an investment property and later convert that into your primary residence to get a prorated amount of the gain tax free.You can also use it purchase and improve an investment property as long as the improvements are complete prior to you taking title to it. 

Also with the new policy changes with CMHC high ratio mortgages first time home buyers will have a much tougher time buying their first home so the rental pool will increase leaving more people looking to rent.I currently hold two rentals one in which is an owner occupied rental which I purchased for 200k 7 years ago and it is worth around 275k today and this year I purchased a triplex as well for 250k and as is with no improvements this yields me an 8% return a year which I would say is quite low.

Never buy a property with the intent of changing a neighborhood or a city unless you have capital to waste.

Steve,Unless you are cash fluid and have a good chunk of change to continue to buy more properties, I would tell you to pull out some cash.

@Tony Sherman, yes.Closing delays on buy side with title issuesMaterial delays, which can compound into contractor delays when you try to keep schedules tightContractor delays because prior jobs are not wrapping on timeContractor delays because you need to fire one and hire a new oneScope of work issues, i.e. no signs of moisture intrusion prior to buying, but all of a sudden you have a wet floor after a good hard rain.Closing issues on sale sideHow do you manage?  

Keep saving your money and make sure you have plenty of reserves before you buy anything.

We have developers interested in buying the property for about 6 million.

I recommend buying into section 8 rental that have already did the modifications or repairs and passed the city inspection.