For example, I started with a condo, did a HELOC to buy my second LA house hack.

It’s just interesting that most (imo) financial frauds actually start as legitimate business deals.  

You never know how much damage the termites have done until you start tearing into walls/floors....can get expensive fast.Location is the only thing that cannot be fixed, and you said this property was in a "really good location". 

I am based in Vancouver, BC and am looking to start my REI journey.

Thus, my lesson learned of walking the job with the inspector prior to purchase…or at least prior to starting the work.

I’ve found it best to start over from scratch but maintain the old listing title and cover photo for a short period of time to get any potential guest transfers.

My Start in Real Estate46 years ago I decided to switch “careers” and left international banking and became a licensed real estate broker.

Greger   In addition to the great advice above, most lenders will require proof of funds to start the project, as you'll have to "front" the rehab funds to get started, then the property will be inspected and the rehab funds released from the lender according to a draw schedule.  

I started out with a smaller deal to reduce the overall risk just in case since I still wasn't 100% trusting.

Building positive relationships with tenants can increase their retention and reduce turnover, promoting consistent rental income.Consider FHA loans with lower down payment requirements if you're starting with limited capital.