The house wasn't properly maintained.

Tenants and mold don't mix and you don't want to wind up in trouble for not properly dealing with it.

As a fellow investor, I would suggest you do proper research about the area and look at the comps before investing.

Hi all, I have done a couple posts, but wanted to make a proper introduction.I am new to real estate investing, but have always been interested since reading "Rich Dad Poor Dad"a few years ago.

Hi @Ian Ramos, as other members have said above, "it depends".However, I feel like you want to hear a number, so try $100K.That won't do in Toronto proper, but if you're willing to drive to other parts of the GTA, you can get your foot in the door with $100K cash.

I would think of a deposit more of a tool and try to make it more functional.  

Here are few tips on how to avoid this problem on your flips:1) Create a file folder for you flip (both electronically and in paper form), so you get and maintain the proper documents stated below.2)  Draft a summary general contractor (if you are the GC) plan or have your GC prepare a plan on what work will be done before you start it.3) Identify and create a list of all subcontractors that will be used.4)  Identify all materials that will be needed or used for your flip.5) Prepare all lien waivers for all subcontractor and materials either before the process starts (this is ambitious - but is a great idea)  or at the time of paying your subcontractors.  6) Lastly, get all lien waivers to your attorney prior to the actual closing.  

@David Faulkner  I think BP is just screwing with me I think they have disabled my functions on purpose.!!

Most people who are new to renovating make their biggest and most expensive mistakes in choosing the wrong people to do the work and not knowing how to supervise them properly, and being ignorant on how to manage a budget.  

I did not bother going after the property management office, but if your infestation is not treated properly your new tenants may go after you.