It just depends on what you need and whether or not you know enough to take care of your private lender properly.

Also, there is a difference between working and working properly.

You are moving too fast to buy and this is how people get themselves into terrible deals without proper representation.

Make sure that the water heaters are vented properly. 

If you are not experienced with real estate contracts in Canada, here is my advice...You should be working with a lawyer to have contract of purchase and sale paperwork drawn up properly (or at least review to make sure you are not putting yourself in an unfavourable situation) and have a template for going forward or be working with a realtor.

We jumped into investing with our first property without the proper knowledge.

@Mark RechkemmerThe internet will tell you this is possible if structured properly. 

If the owner is ok with the realtor doing this and the realtor properly discloses to the owner exactly what he is doing, then there is nothing wrong. 

Your going to need proper sewerage electrical and water setup for that to be legal and get any funding .

Boston proper and most areas inside RT 128 were well under 1% - commonly 0.5% - 0.8%.I'm seeing much better numbers here, and unlike Mass where a "professional (deadbeat) tenant" could tie you up in court for a year, in Maine I'm hearing that the absolute worst case scenario is 45 days.