Insurance is also double. 

I now have new bathrooms, new boilers, new water tanks and yet I still keep getting frequent plumbing issues.

I started my "professional" career in the insurance world as a property claims adjuster/estimator and know the game fairly well.

There is insurance, utilities and your set-aside for annual property tax and upkeep.  

They will also now consider alternative proof of income rather than just your notice of assessment from CRA.Also that announcement was from CMHC for insured mortgages.

I’m about to put an offer in for a waterfront single home in Fort Lauderdale and got an estimate of 6k per year for home insurance, not IncludIng flood insurance.

Typically, the same applies to LLCs where you and your spouse are sole members.Actual Lenders Title Insurance states;CONTINUATION OF INSURANCEThe coverage of this policy shall continue in force as of Date of Policy in favor of an Insured after acquisition of the Title by an Insured or after conveyance by an Insured, but only so long as the Insured retains an estate or interest in the Land, or holds an obligation secured by a purchase money Mortgage given by a purchaser from the Insured, or only so long as the Insured shall have liability by reason of warranties in any transfer or conveyance of the Title.

And even having health insurance doesn't buffer consumers against financial hardship."

Qualification for a Portfolio loan would be based on how cash-flowing the property is, so make sure to have a solid idea of gross rents received, along with the expenses for the property (including taxes and insurance, maintenance, landscaping, any landlord-paid utilities, etc.). 

Here's a summary of the economics.They purchased the property for $280,000 in 2004.The loan balance is about $178k.Monthly principal and interest payment is about $1,265 with $709 currently going to interestProperty taxes are $4,116 annually and insurance is $1,000.Currently the house is vacant for the sale so there's no rental income.Therefore, the monthly burn is -$1,135 (ouch).For the sale:Property was originally listed at $335k and they received 0 offers at that price.