It's great that some ST rentals have a 6-month waitlist but that's the case in many markets and these listings are in the minority and most likely run by experienced short-term operators.

If you are interested in real estate investing, have one of your parents take you to a local real estate meetup and talk to some investors.

The fact they list all this on their website and try to claim we are bound by it?

For example every week I see listings with bedrooms less than 7' wide.

As the new owner, list the property pay off existing mortgage, second mortgage and recoup the proceeds My question is, would this be considered a novation and would an attorney or title company draw something  like this up?

For the week ended June 29, the nationwide inventory of homes for sale was up 38% year-over-year, with new listings rising 11% YoY.

This forum is far better than most books if you are talking to the right people.Once you get the basics down and practice them to perfection it’s not hard to take off and grow your REI portfolio.

I talked to the home owner.

I would talk to a mortgage broker in the US who works with foreign investors and can explain your options, but I would also definitely contact Canadian banks to see what they can offer. 

Talk to the lawyer, figure out the time line and steps.