Once rented I immediately applied for a HELOC on this property.

This applies to VC pulling back and RE appreciation growth rates. 

Become adapt at applying your natural strengths to RE, there are too many people who are good at the things your bad at to try to beat them at their own game.

I am helping a family friend to do some research before she decides to apply for a loan. 

Had I known this, I would not have applied to rent for this house.

Does anyone in Ontario have experience applying the Ontario First-Time Home Buyers’ (FTHB) Tax Credit and Home Buyers Plan (HBP) to an investment property?

How about applying for soft money ( usually up to 70% ARV, 2 points, 8-10%).

IMO, old wood (regardless of type) is a pain to work with as it splinters when nailing or applying screws. 

If you do collect the rent (delivered or otherwise) and they have any outstanding previous late fees, apply the payment first to all other charges, if your lease includes that wording.Then give notice and file for eviction for the shortage.At least that is my methodology, as in Texas a property manager can only represent a landlord in court for eviction on unpaid rent and holdover.

Here are the options I thought of based on what I know: 1.)My Father sell the house to me if the house is completely under my Father2.)Apply for a HELOC loan and if approved buy out my family - about 300K (100K each) which has been discussed with them and I would possibly like to take out more (~100K) to purchase either my own property or use it to start house flipping.