@Paul Ouellette I just have to assume that is an isolated event.

@Aaron K. and @Claire Rosenberg all properties are in a flood zone the only differentiator with the flood zones is the "high-risk" flood zones is your lender will require flood insurance in order to get the funds.This is a law.These flood zones are identified with a Flood zone A, Flood zone AE or V, VE.Lenders do not need to require flood insurance in low-to-moderate risk flood zones usually identified as an X flood zone.It doesn't mean that the property will not flood it just simply means that you will not be "required by your lender" to purchase a flood insurance policy.Every year 20% and in some estimates 35% of flooding events are in the "considered low risk" flood zones.The purpose of all insurance (including flood) is to off set your risk this is why you buy a hazard (or homeowners policy) or umbrella policy or auto policy and of course life insurance.But flood insurance is the one that most people decided that they do not need, and many think that their homeowner policy will cover flooding.

Language from my lease:ATTORNEY/COLLECTION FEES: In the event that legal action must be taken against Tenant to enforce any part of this Lease or applicable laws, Landlord shall be entitled to its recover costs and reasonable attorneys' fees incurred in connection therewith.

Take a peek at the Bigger Pockets events page and check out Meetup as well (BadA$$ is the one here in CO that I like).

This drives exponential scale financially and in life which is the ultimate in passive.Additionally, I know several Canadian financial planners who say that many of the tax benefits we enjoy in the US on RE are very limited in Canada.  

If you wish to network or ask specific questions about your local market, you can go to your local real estate forum and discuss with investors from your area: https://www.biggerpockets.com/forums/86-local-real-estate-networking Or you can directly meet them by registering to real estate events around you: https://www.biggerpockets.com/forums/521-events-and-happenings Please let me know if I can help, and best of luck!

Or you can directly meet them by registering to real estate events around you: https://www.biggerpockets.com/forums/521-events-and-happenings 6.

If you wish to network or ask specific questions about your local market, you can go to your local real estate forum and discuss with investors from your area: https://www.biggerpockets.com/forums/86-local-real-estate-networking Or you can directly meet them by registering to real estate events around you: https://www.biggerpockets.com/forums/521-events-and-happenings Please let me know if I can help, and best of luck!

Getting money while incurring debt is a non-taxable event.7.

It's not a good thing from your perspective to cross-collateralize the two properties, in the event that you ever had a financial problem.