Speaking from a fire damage perspective, 30k rehab on a 50k ARV is a total loss.

If you aren't using the 2-T, and you had an attorney draft a P & S for you, why not just edit it so it speaks to the contract being assignable?

ThanksThanks for your kind words Ahmet,We aren't perfect but we always do our best.Over the years we have grown a thick skin so such instances are "just another day in the office" for us.Off course, we want as many happy investors as possible and that is usually the case 99% of the time :)Much success and speak soon mate

Ask to speak with some of their current owners and current/former tenants.

@Jan Walczak I can’t speak for the Toronto market, but you are correct that based on using a Heloc for DP and a conventional mortgage you need to take into account two sets of lending payment in your calculations. 

I would speak to multiple lenders to see if anyone else is interested in doing the deal.

Definitely speak with the lender you are using to confirm but you don't have to do all that work...unless their appraisal comes in lower for you. 

@Charles E Bernard JrI think you should to speak with your accountant to get the best answer to your question.

Ask to speak with some of their current owners and current/former tenants.

Stay with your thought process and don’t listen to yokels who must not have lived or know about what they speak on.