I think, to avoid any trouble for yourself, and to do what is ethical, is to take that savings you get back from Bob and bring everything up to code that you are aware are not up to code, and do better homework in the future. 

In the spirit of saving time I'm hoping you'll all see this Topic.Do you know of any ACTIVE real estate investing groups here in Montreal?

I currently have a single family home (4 bed 21/2 bath) and the first part of the house hacking strategy would be to rent this house out and then go and purchase a multifamily property to live rent free in and therefore save up more cash.

@John Claborn Just my .02$ here but if the garage is converted, take a real hard look ar your comps and make sure that you're comparing with other properties that do not have a garage or houses that have had garages converted to come up with the ARV price.Look for contractors who are hungry and negotiate a better price is 1 way to save money on the reno.

I am looking to invest into a rental property (or multiple) and looking into financing options.I have 46k in savings and I also have the option of refinancing my current home and get 85k out.I'm looking at 2 properties; one is 150k close to where I live and it rents out for $1450/month and other is 108k in another market (3 hours from me, it would involve a property manager) and it rents for $1100/month. 

If that's not your intent, then best to start saving up for a deal and learning the market inside and out.  

My personal belief is if you can't at least come up with 5% you should keep saving and learning ...but that's just my opinion...

I make enough off listings, save enough off listing my own properties, and get enough leads through being a realtor, that it makes it 100% worth the expense, time, and hassle. 

I did let Cesar know we can try to help save their home, but they would rather get rid of it.

I have about 10,000 saved and would most like take out a loan.