We thought Vendor Take Back might be a good way to be able to move forward on the property, however, we were told that back in 2008 in the province of Ontario, the mortgage rules tightened on this and VTB can only be used for commercial properties and not Single Family Homes.Any truth to this?

I know the province pretty well.

What province were you exploring?

I see the wholesaling acitivity being the province of beginners generally who really don't know what they are doing so they are practicing or going through their learning curve at the expense of sellers who are many times just as Naïve as the wholesaler or ripe to be taken advantage of...

What is illegal and states and provinces take issue with, is buying or selling other people's property for them without a license.

I also live in a very expensive market so I mainly invest out of state/province/country where the numbers make more sense.

(**Note for others reading this: this is how it works in Alberta - the exact mechanism and terms used vary from province to province and state to state)

Reach out to @Nicholas Helm and he can help you! 

Let's say I talk to an agent in my local community or out of province, and they send me a property for me to purchase.

I would be happy to share my experiences of investing out of province and how I build teams to help in each location.