We don't have to stay in the city and we can't afford it with studios at $3k.  

Having graduated from the UW less than 5 years ago, and with many friends who still attend, I can attest personally to the thousands who would like to live nearer to campus, but can't afford the rent that their own place (read 1 or 2 bedroom) would entail.

I just started the process of doing a total remodel/gutting on it and was wondering if anyone had suggestions on how I could go about getting financed for the amount to complete the project now vs doing it in small chunks as I can afford it. 

Really affordable properties and if you do your research you can find absolute gems there.

A frustrated seller who has waited a couple months for a closing that didn't happen may be more inclined to take a cash offer that will not be subject to TRID delays even if that offer is a bit lower than the financed offer they accepted previously.

I’ve read books, gone to seminars, and will be attending a workshop in a couple of weeks where I already know that they will charge me an arm and a leg for their mentoring program that I can’t afford.

All depends on if you want the property or you think it will redeem and how much you can afford to have your money tied up. 2) The fees are included in the minimum bids. 3) They changed some things.

@Tamara GrahamWelcome to the site.Typically your looking at 30 year loans with 25% down for non owner occupied properties in the 1-4 unit range.I'd hook up with a local lender and realtor and see what you are able to afford.

Fortunately Canadians are smart enough not to make RICO level mortgage origination fraud legal (unlike your southern neighbors here in the US) so a collapse brought on by mortgage rates resetting on borrowers who had no business getting a mortgage in the first place is very unlikely.On the other hand with mortgage rates below 3% and most Canadian mortgages being short term (compared to a 30 year in the US at least) if rates rose significantly a lot of folks might have a hard time affording the new payment when the loan was due to roll over.

My current budget for any property looks like this:33% of revenue is my salary26% for taxes (purposely exaggerated)9% for property management7% for insurance2% eviction court fees cushion23% for reservesI don't know where I can cut back to afford a mortgage.