Feel free to rent out the garage with the purpose of extra storage but advertising it as a place to live is a no.I got the impression he wants to rent it out as commercial space (working space during the day). 

My assets and current standing don't even impress me.All input will be appreciated

He was under the impression somehow he could do some cheap repairs himself and rent it out.....but the property was on the city's demolition list and would have required about $100k in work to get it up to code to remove it from the list. 

Nearly every week we bump into someone new that is impressed with what we’re doing design-wise and looking to buy a property like ours for themselves as a weekend/vacation home.We’ve discovered quite a few other off-market prospective properties in the area with that kind of potential.

We are obviously not impressed with his performance and wanted to cut our losses.

It is my impression from reading some threads here on BP that sometimes banks put properties up only as a test as to what it might get not with a true intent to sell.

I'm really impressed by your level of activity and I'd be interested in finding out how you're generating enough leads to close on that many deals in that amount of time while working a full-time job.

But now after reading your post and doing some additional investigation, I am now under the impression that this applies only within the maximum limit defined by the security instrument and note. 

After browsing the net, I found this service of RedBins ( www.redbins.ca ) impressive.

I was under the impression that for that tax break, the amount of time you spent using the home as the primary residence made you proportionally eligible for tax-free capital gains.