Hi Folks,I am planning to buy my first ever investment propertyI live in GTA, I can take mortgage upto 1 million, and have approx 250k liquid assets for 20% down and other expenses I am thinking to buy a single family, and build a legal basement for second unit for better cash flow/numbersArea of interest are KWC, London, Niagara Region, Mississauga/Brampton...I am flexible with location as long as I gets a better deal and numbers look reasonable.Questions / Concerns- As a first time investor, my plan to go for a single family and such an expensive property is fine?

Basically- We are looking for an investor/partner who can contribute to a larger financial portion, but wants to sit back, make some money - while we do the leg work to get in to the area/str game. 

@Joey Llamas some lenders will prequalify you for a larger amount if purchasing a duplex-fourplex with the intention of leasing out the other units, I’d talk to an investor friendly lender about this.

They also look for liquidity which varies on the amount.

When is the best time to 1031 up to a larger property?

The larger the town the more opportunities though.

@Daniela R. introducing a new air conditioning modality is usually a larger Capex item, I would ensure it is more cost effective in the long run.  

I don't regret doing it because the property has continued to skyrocket and I'm paying a laughably small amount of property taxes, but it still doesn't provide nearly the same amount of utility as selling and 1031-exchanging it into a much larger property.

There have been holdings that agreed liquidated damages in a contract (lease or otherwise) does not conflict with this doctrine and the liquidated damages have been upheld.  

Hello,My wife and I have been looking to find a larger home since our family is growing.