(as there are every where) You would just need to spend a good amount of time really learning the area and being comfortable with all the forces at play where you eventually decide to pull the trigger. 

Toronto is way out of control .....Think about it wages are not changing, yet the home prices are skyrocketing....any single family home in TO is 1 million min.... unless everyone in Toronto is a millionaire these days and making $250k plus its just a big credit bubble....I sold my house at Bayview and Steeles for $1.2 million and it was average at best....The house in my eyes should have been worth $400KI currently reside in a exec townhouse in Richmond Hill which I bought for $300k and is now $900K its nuts ...predicting the correction impossible....play safe in these crazy times...my guess is 30% over valued.....FYI in 2008 i bought a $400K Condo in Las Vegas for $125k so the corrections can be severe.....people in Toronto think it will never happen.....lets seeJust my 2 cents...:)

Kids playing, mothers pushing strollers, mowed lawns, cul-de-sacs, off major roads, little traffic (so kids can play outside), good school district, walking distance or a short drive to shopping.  

Although with refinancing costs and seasoning periods, I don't know how quickly/efficiently this would actually play out.Any advice would be greatly appreciated!!

Never thought about looking in the obituaries and looking up family, that's intense but it sounds like it paid off. 

I shoot generally for 1% for my cash flow properties in my market (The 2% neighborhoods are too high risk for me) and my appreciation play properties might be about half a percent.

Student rentals can be management intensive, but like any rental property a lot of it comes down to the screening of tenants.

I don't think it was difficult,  but you do have to play close attention to the wording and definitely have a clear understanding of concepts. 

Sell, then buy the worst house for the lowest price (the one with the most unrealized potential, for value adding later) in your chosen area closer to work/school with your $200k deposit, and then later, go the HELOC route to BRRRR the best compromise-properties your research arrives at between distance, neighborhood appreciation play, and rent returns.

@Aaron Litzenberg Winter weather is definitley an issue, but you can also play it to your advanatage: sellers tend to get a little bit more motivated once Thanks Giving comes into sight and some banks seem to be willing to get bad assets of the books before they close the quarter and the year.