I'd then try to make a clear, realistic & measurable tentative goal, & don't be afraid to be ambitious.

What terms should I be aiming/negotiating for?

If possible, I think you should aim for a duplex or triplex.

(Dave will not be surprised this is my answer).I’ve done a few 1031’s and my aim is ALWAYS to double my cash flow.  

@Daniel Lozowy A newer building top amenities and appointments aimed at people who want the best and are willing to pay for it.

In addition, most of the insured mortgage programs from CMHC (or the two private insurers) are aimed at owner occupants.

@Ronnie Allison hey I’m in the exact same boat as you I’m looking for my first property right now I would recomendFrank Gallinelli-What every real estate investor needs to know about cash flow And 36 other key financial measures ( do not buy a kindle on this one because there are graphs and numbers, you can but it’s more difficult when it says see example 3.4 and it was two pages ago) Landlord on autopilot-mike butler is a good listen or read and it’s written like he’s talking to you so very easy to listen to it and drive or work and gives you great tips how to manage very hands off and what you will need and the free apps that are out there.

But, you need to first determine what you measures for "successful" are.Do you want to have your tenants cover your mortgage and costs of living, and ride the wave of appreciation up?

While I wouldn't aim for the best street or best neighbourhood, I would rather have a home in a good neighbourhood than a cheaper home in a bad area. 

I am aiming to put this under contract as soon as possible.