I figured I'd jump in as this is also concept I've been thinking about- to LLC or not.

Hi Cameron, I agree with Tyler, TFSA is just simpler to deal with when you want to pull your money out. 

I absolutely love the lease option concept as I recently got into a house as a tenant-buyer.

All the above are great ideas but I might start with the strategies outlined in @Scott Trench’s book Set For Life where he lays out the concept of financial runway. 

Well in RE it’s “more tenants more problems” lolJoking aside from a numbers perspective it’s the same concept, all figures should still apply (talk your insurance guy though that’s where I’ve seen it get more expensive) but with more units per parcel you spread risk via multiple doors which is attractive to me.

Was planning on starting on a simpler/cheaper rehab to try out a contractor before taking on a major rehab.

@Ekamjot Singh the concept of which you are speaking to is the BRRRR method but commercial properties work a little differently than residential properties (and the BRRRR is more of a residential strategy). 

My journey in real estate has been a long and arduous one in that I only now am being a serious about it as I should have been for years and years. the journey started of course just like everyone else when I read "Rich Dad/Poor Dad" in college back in 2003 I was so excited about the concept of owning rental properties.

However, it was a much simpler deal and smaller risk. 

I have been digging into seller financing quite a bit lately and have found that there are some really solid videos on YouTube that explain the concept quite well and the different strategies/ways to pitch.