Hello ok this is my first eviction and im a little confused Ok so i have been looking at a house right next to mine for a long time maby 1 year and it has ALWAYS been vacant and i finally won the home at a  foreclosure auction well no joke literally the next day after aution some people moved inside the home with there trucks in the driveway.. but i did not confront them because the deed was not in my possession so 1month later after i received the deed  i spoke to the man and we came to an agreement verbally no writing or papers that he would give me 500$ a month as rent keep in mind i have never entered the home so one month past and i went over to the man to collect rent and he told me he cannot pay me because the house needed serious repairs so i got frustrated  talking with him and told him to just leave i cannot repair the home while he is living there so i waited 1 week and the man still never left so i served an eviction notice and had to wait another  30days in order to file it to the court..well im going to court next week and was seeking advice do i demand a jury trial for the extra cost?

If you factor in all your costs including debt service 1% generally in not enough; you really have to hit 1.25 or 1.5 to cover everything and have some left over.

You can also tweak your investment criteria in the exact way you want (for example, if you want to go ultra conservative and not have any debt, you can do that.

So let's say the bank has legally foreclosed on and is in their possession.

@Chris DeSisto I think you are confusing terms.....the “equi” in “equitable interest” has nothing to do with “equity”, as in the spread between debt and value....it’s a legal determination of “rights”, and would apply just as well to an upside down property.

To summarize, if you close with same lenders, they are aware of both files and they will calculate the new total monthly debt, if you are not going with same lender then you should do the refi cash out first as the DTI (debt to income ratio) is more loose on HELOCs. 

Ultimately, through learning and copying their process, we were able to increase our available credit from about 250-280k to over a million in a few years and we were eventually able to transfer a large portion our personal debt that we were using for business purposes over to business debt that did not effect my personal credit score any more.

My daughter just turned 10 months, so would be looking for daycares for now.I dont have any cash saved now because I'm clearing all credit card debt, and plus I just bought my first property in October.

@Jack B.How does having less debt equate to less risk?

I do not ever take possession of the money from the sale of the property in a 1031 Exchange so I even wonder how the CRA knows about it, unless the sharing of the 1031 information is party of the tax treaty between the US and Canada.