I had specifically asked for numbers including mortgage payments and they emailed to me.

I tried to rent one of these buildings for a developer. it was brand new construction, really well done.One after another is was voucher applicants who had criminal records, you had no idea who was actually going to be living there, some were high out of their mind and/or drunk, average credit score was 500, consistent late payments, eviction records, etc.By some miracle I rented one place out to 2 young girls looking to save some money.

I used a HELOC to cover the down payment, appraisal gap, and furniture, allowing me to enter the STR market without depleting cash reserves.

One of the key challenges I’m facing is understanding the financing options available to someone without Canadian residency or a local credit history.From my research, it seems that a 35% down payment is often required, with interest rates around 7.5-8.5% for non-residents.

You only need a place to track tenant information, payment history, maintenance, etc.

.- get into real estate with a lower rate and lesser percentage down payment.

Together, we have over $200K (mostly in stock market investments), and our parents may help with the down payment.

Is it foolish to consider using the HELOC for the down payment?

What would standard down the payment be? 

.❌ Emotional Stress – Handling tenant issues (especially late payments or evictions) can be stressful, especially if you live in the same building.Hiring a Property Manager in ChicagoPros of Hiring a Property Manager✅ Less Stress & Time Commitment – A property manager handles everything from finding tenants to collecting rent and coordinating repairs.