I'd like to convert the basement to an apartment for my aging father but concerned about the costs. 

Certainly the quality and age of system also makes a difference.

HELOC's dont usually require cash reserves but there are some HELOC's that do.2) personal preference and goals - "begin with the end in mind,"3) active income versus passive income - the age old debate - again tend to your personal situation you know best what you need short term and long term.

Welcome Deja - the cash reserves you will want on hand will vary drastically with the property age/condition.

I have to check on roof age and age of water heaters and aircos.  

Could be at 5 though depending on ages of major systems.

I am following this discussion: an aging population means greater need for cemeteries or cremation gardens.Looks like there is also a business of buying and selling burial plots. https://www.moneysense.ca/spend/real-estate/selling/how-to-make-a-killing-selling-burial-plots/

@Eric Carr All of the above, every house is a different style and the age range of the homes is pretty wide. 

I adjust the capex to match the age of the house and the age of the major components. 

The homeless issue, the illegal immigrants, tax hikes, failing infrastructure, mass exodus of people leaving the state, diseases popping up that we haven’t seen in ages, push for low income/affordable housing and the fact that it’s a tenant friendly state.