Also be aware of Unrelated Business Income Tax (or UBIT) on leveraged real estate inside of an IRA.Or better yet, since you are self-employed - go with a truly self-directed Solo 401k plan, which would be a much better option and will help you avoid the UBIT on this investment.

I am a 24 year old who's employed in the CAF and looking to getting into real estate, more specifically BRRRR.After looking online for quite some time I've noticed how high Canadian real estate is and I wonder if it is even worth getting into.

You can close in an LLC and don't need to provide employment history, income or tax returns, and DTI isn't a factor.

My son (age 24) however, is an independant contractor / self employed and is trying to buy a house. 

In Philadelphia the fundamentals are strong: leading industries/employers are in the Education and Medical fields which are known to be stable, proximity to NYC and DC, national airport, port city, affordability compared to mid-atlantic predecessors.

If you'd ask this question while still employed I'd say apply the $8500 toward knocking down the debt quicker but since that is not the case I would build up your reserves to about 6 months then begin applying those funds to bring down the debt. 

;however, my issue is that I dont have good credit and since im self employed I make.very little income. 

Also, always verify employment and prior rental history—don’t just take their word for it.

Make sure you talk to a Banker or Loan officer that is well versed in both SE (Self Employed) income and also Non/QM programs.One tip I will give you as a Banker is open up a "Business Checking account" and for the next 12 months pay "Everything" out of that account. 

If you go back to work as self employed, there are some NonQM programs out there that can do a cash out refi after just 1 year of bank statements or P&L.