Since you're going to live in the property, I would keep your property search focus to the type of house you'd like to live.  

I focus mainly on fix and flip type deals, but do a small amount of wholesaling also in addition to some new construction and buy and hold.

Goals will help with saving, investing, and keep you focused for what you want to accomplish.  

As @Theo Hicks has pointed out - focus on ROI and not on a $ amount.

My clients are focused in Toronto/West GTA.

I have my real estate salesperson license, but have only done deals for myself to save the commission.I have decided to dive in head first and focus on real estate. 

Your wife is a US citizen and I assume you're classified as non-resident alien.Really this post is great to educate you on the mechanics of calculating taxable income for a rental property but it's focusing on the minutiae a little bit considering your personal situation.High level thoughts:-Does your wife have an FBAR and/or 8938 obligation? 

Hey everyone, I thought I'd drop in and say hello and introduce myself.I'm a co-founder in a early stage startup focused on Commercial Real Estate. 

I have stopped investing in stocks for a while due to my immediate focus of a cash dump for a house. 

With a full-service property management company, you should be focused on establishing an annual budget and periodic update calls to track the progress.