I’m sure it’s in the legal fine print somewhere but when you’re on the verge of losing your house, your focus is more on the bottom line. 

I recently purchased a house in Hamilton, Ontario.Going to convert single (bungalow) to duplex.Would it be possible to advise if there is anything in below that you think is unnecessary for our investment purpose:Ground Floor:- Has all original items but painted- existing old wood floor (narrow wd strips)- existing laminate countertop with old painted cabinets- existing painted base boards- washrooms fixtures are working fine - painted old vanity cabinetShould I leave all items above leave as is?

It is fine to ask for recommendations, but a recommendation is no substitute for doing due diligence yourself.

@Daniel DylanMy lease addresses this, including no smoking in the property itself (basement, garage, porch, etc), and it spells out the consequences for each violation (fines, eviction, etc).

If you opt for a LLC, you need to be aware of IRS 5472 which carries a potential $25,000 annual fine. 

Send any unpaid to bills to @Scott Trench - it's his fault, after all 😅Seriously, I'm sure you've thought it out well and will do fine. 

"Other Current Assets" should be fine and the description doesn't need to be super technical either. - You may want to break them out.

If you follow that simple rule, you will be fine most of the time.Best of luckStephanie

@Paul Wolfson if you want to wait for that 15% drop that is fine, but stack up as much cash as possible now.

The lender will look at your current income so as long as you can Porge your income, you should be fine.