In the GTA, I was thinking about getting a SFR home in a good school zone and having the basement turned into a separate unit.

The first place to start would be to make sure that renting the slip and renting it separate from the unit is allowed by the HOA. 

If the tenant made an agreement to pay xyz corporation and you tell him to pay parties x, y and z in separate checks I am not sure how that would hold up as an eviction when he only pay x.Set the rent up so he pays one entity and you all are paid from that account.

My assignment fee would be separate

. - Good question about the dual meter: it is, however, I am going to confirm today if the adjacent property is a duplex (which I am pretty sure it is) and if that is a separate meter for the second unit. 

Separate meters and separate addresses are a guideline in the determination of an ADU or duplex classification.  

If you are going to do any renovations or updates to a property yourself and still maintain a career that is separate from real estate make sure you do not start too many projects at once to where the home is completely unlivable.

It also helps opening separate bank accounts and credit cards for them.

But definitely keep your business and your personal expenses separate

I communicated to him through text that I would like to end any future and to just go our separate ways (I will eat the cost).