Also, be careful about transferring the title to an LLC while you have a conventional residential mortgage, as there are lots of discussions about that and the due on sale clause. 

Assuming you don't care what the rate is or what fees are charged or if it's an adjustable rate mortgage, you can get a mortgage with way less paperwork in the future.

I would recommend that you read through the guides carefully so you get a good understanding of the process.

If so the seller will want to close fast.  5 days is an acceptable time offer, but be careful your earnest money will go hard and you could lose it if you don't close.

Current sales went down but prices are still climbing.We recently invested in Victoria as it has the correct economic fundamentals in place (GDP, Unemployment rate, transportation and population growth)Banks in Canada have always been careful as far as lending (which has sheltered us from the 2008 real estate crash) and there’s no signs of seeing that change in the near future.

Just be cautious about working with agents...vet them carefully.

If your rent is too high, you'll have a ton of garbage applicants as the good ones will apply elsewhere leaving only those who don't care how expensive the rent is because they don't plan on paying more than a couple months anyhow.

In other words, they don't care anything about the blood, sweat, and MONEY that I put into the investment.

I don't really see that you cared to read most of the replies from the others.

Someone else mows your lawn, fixes or replaces your appliances, removes snow, takes care of the roof, fixes plumbing and electrical issues, the list goes on.