The statute states if the borrower has paid less than 1/3rd of the original mortgage amount, the redemption period is reduced to 3 months, otherwise, it is generaly a 12 month right of redemption.Again it was late - yes Im aware the amount of redemption time depends on how much of the original principal was paid off and there are other circumstances that can be argued, whether or not the house is occupied or not at the time of foreclosure, whether or not the mortgagee has lost their job between the foreclosure sale and expiration of the right of redemption etc.   

This has also helped me create an opportunity to help my family, allowing them to invest in the US through these contacts, earning returns we could not dream of getting in Canada.Fast track 9 months, we have bought 5 property's in three states, sold our first flip, and have 3 great rental properties.. i understand we all have different circumstances, but networking and studying created an opportunity i didnt think was even remotely possible living in Canada.At the end of the day its about volume, the more people you talk to, the greater the chances are for you to find the right opportunity that works for you.

How do you protect yourself, & your business partner from any unforeseen emergencies?

Does using the multiunit as a second split home due to these circumstances fly?  

In the event you end up controlling the property long enough for your tenant to buy it for you, that's fine.2 -  The most important Golden Rule of "How Money Works", is this:  Never, under any circumstances, ever...."

Whether i Did would depend on he specific circumstances.

But there may be other circumstances at play.But from what i see you've got the scenario that works totally already in place. 

I add 17% reserves to my numbers in the event of unforeseen challenges occur.

Your cash flow will need to be set aside for those unforeseen but almost inevitable expenses that come with maintenance and/or repairs. 

That is not to say that principal pay down could not be an intelligent move in certain circumstances, but its a whole different can of worms than stock buyback.