Is it standard procedure for a bank to verify and clear all liens on a property before they list it REO on the MLS?

You build wealth by increasing income and minimizing expenses.

I would love to offer my "boots on the ground" to those who are more experienced to increase my knowledge of how to play this game.    

When you hold a {rental} property in a corporation, income is taxed at the highest corporate tax rate - which increases the benefit of claiming the CCA deduction each year and mitigates the punitive aspects of the recapture.In addition to how you hold property, the length of the hold will also factor into whether you claim the CCA deduction; claim the deduction for a few years than stop; or do not bother to claim the deduction at all.  

They have a social mentality that you need to adapt to and can not set your standards too high while at the same time insuring they adhere to all community rules. 

And just for your own calculations it's safe to estimate mortgage rates a little higher than standard rates.

Rents are at an all time high right now and are continuing to increase.

My current plan is:(a) Finish the rehab, increase value of the house(b) Tap into the equity from (a) to help finance the addition of a legal unit in the garage(c) Tap into the equity from (b) to help finance more real estate investmentsNot sure exactly what (c) will be.

Homes in that price range are increasingly hard to find.

Would someone recommend a better method.I want to start making some offers to increase my chances of getting a property under contract.Thanks in advance everyone!