I established a  mgt entity for leases, deposits, income, expenses, but never held any of my dozens of residential rentals in LLCs over my 21 year run.It's just tougher to get good mortgages and insurance. 

Another unfortunate situation with a lot of these sorts of tenants is that they are "judgment proof", meaning, even if you were to sue them for damages, they do not make sufficient income or have sufficient assets to collect on your judgment.

The income and price have uncoupled from each other over many years.Similar story in BC, but Vancouver has a lot of foreign capital so income is less of a factor.I live in AB and we saw a huge run up in price because Ontario and BC folks came with significant capital.

We recently paid off our debts, and assuming no mortgage, we currently save about 70% of our post-tax income, around $10-12k a month.Would you still highly suggest getting a 203k loan, or would you recommend getting a standard mortgage loan from a lender? 

suggest you start with Dave Ramsey principals ... then move out from there.there is some big huge fallacy  that Real estate is going to let you quit your job and your going to have all this time for the kiddos etc.this will never happen in the short term with rental property.. you build a nice base for retirement in 30 plus years for sure.. but for short term replace your income and have all this free time you need to make transactional income with big hits.. your not going to get their with 200 to 300 a month cash flow on a levered up rental . 

I take care of the paperwork, finances, accounting, paying bills, finding tenants, creating the leases, interviewing tenants by phone/zoom, etc.

There is a bank in Canada but the stipulations are hard- especially with one of my properties being an air b n b, it’s harder to claim that as income.  

I have to figure out the cost/investment of building a home from scratch vs potential rental income, etc. 

If you are already receiving an income and don’t need monthly cash flow you may prefer all the appreciation at the end.

You’ll need this for taxes and opening a business bank account.