Is that going to eat up all of your rental income and leave you high and dry when you need to pay the bills?

The basement is dry with a high ceiling, so assume that we won't need to lower the floor to achieve more height.  

Lenders will want to see more skin in the game on the down payment.Let me know if you have any questions.Regards,Joe Scorese

Having some skin in the game won't hurt in this scenario.

Don't want to perpetuate any idiocy here from my end...Normal situation:Purchase price: $100k (we assume this equals actual value of property)Buyer/borrower: $20k "skin in the game", i.e. money in the deal itself, used to pay part of the purchase priceHML: $80k as loan to borrower/buyer, paid at closing to sellerThis makes $20 + $80 = $100k as total purchase price (we shall ignore any fees etc)Refinancing part in normal situation (mind you, property is not sold):New owner wants to pay off HML and goes via route of conventional financing.

These can wreak havoc on a project.Winter time can also make it tough to dry your new lumber if you are reframing anything. 

Another plus side to it is if your roof has a small leak and drips on the OSB and discolors the paint, you fix the roof and let the OSB dry out and just touch up paint it.

Since then, $1 USD = $1.33 CAD, condo prices have doubled and detached homes have tripled, rent is up 15%, and vacancies have dried up.  

They will typically have more cash to put down and the thought process there is, the more skin in the game they have the less likely they are to damage your asset.  

Plus no risk of souring a friendship if things don't go well.Further- your banker may balk at the loan from a friend being used as a down payment, as that way you have no skin in the game.MG