Our only thing stopping us at this moment is that we are currently doing a complete gut and renovation on our personal residence, (that should be a flip but we actually want to keep) we are putting all of our time and money into it.

The N4 form of the LBT in Ontario clearly states that this form can only be filed if the tenant still resides in the unit that i own.  

If you aspire to have rental properties you might like the financial benefits of keeping your existing house as a rental when you buy your next primary residence, if that's an option for you.Primary residence home mortgages have a lower interest rate than investment mortgages traditionally, so by buying your next primary residence and hanging on to your old one, you get to keep your lower interest rate on both properties.

My wife is the lending candidate as she is a W2 high earner with a 798 cr. score with only mortgage debt on our primary residence.

Here is the summary of my situation that requires creative thought:Location: DC Suburbs (Clifton, VA)Original sale price: $300KOriginal mortgage: $240K ($60K down)Money spent rehabbing property since 2008: $70KTotal cash invested: $130KCurrent sale price (based on comps): $430KAmount owed on mortgage: $208KPotential cash generated from sale: $($222K, not including transfer costs)Estimated Monthly Rent: $2,200Current Monthly Payment for M/T/I: $1,300 *Biggest yard and likely one of the most updated homes in a desirable community where "average days to sell" is less than 14.Now the issues:Need $100K-$150K out of the house (or via investment) in order to put down-payment on next home, which will be primary residence (probably a $600K home).I've plugged numbers into every rent-or-sell calculator out there, but always feel like I'm missing something big.

Check your local Tenant Landlord Laws but I would suspect that if the home is separate from your private residence that more than likely you would have to follow Fair Housing Laws.

I would like to buy a multifamily in the future, to house hack possibly, as soon as I fulfill my primary residence clause in my mortgage contract.Now for the questions.What would be the wisest way to set myself up as far as collecting rents, deposits, utilities?

My approach is:Carpet only (low profile) on the stairs, primarily for ease of installation and safety of residents,Leave Linoleum in place in kitchen and bathrooms since it is in good condition without teas or peel off,LVP in the rest of the house (bedrooms, hallways, living room, dining room, family room, totaling about 1,600 sq ft) for its semi waterproof qualities.

Should we:Refi our primary residence - if so, how do we time this with an unsure closing?

I closed on my first purchase (primary residence, 3 bedroom and renting the other 2 rooms to roommates) one month ago. 5% down on a 30 year conventional with an 805 credit score, though my lender gave me a 2% grant at closing so I really only put down 3%.