That said,  maintain, be easy to deal with and responsive.

One of the markets we invest into in BC's interior currently (Kelowna BC) has less the 1% vacancy rate, the city is going to be opening up the rules for adding a carriage house (or lane-way house) thus giving us a great opportunity to add another rental unit onto an existing property.The banks however will be happy to lend once the project is done but leaves us with a short term cash challenge to get the approx 200k to get the project up and complete. 

Regarding tax-advantaged accounts, you're right--there's always a tipping point where conventional rules no longer apply. 

The conventional financing guidelines were designed with the primary end user in mind for the most part with slight accommodation for investment or non owner occupied use (75% of gross income and other simplistic rules).Good post Ruddy!

And much more...I am new to the forums, so if I broke any of the rules, I am sorry in advance.

You just have to be firm on the issues and with any rules fairly enforce.  

The rule is actually that you have 180 days or until the date of your next tax filing.  

Mortgage is ~$500/mo, collecting rent of $600/mo...not much wiggle room with the 50% rule there.

Keep in mind that any existing assets you own could not be sold to the 401k because of the prohibited transaction rules.

Real estate is not easy, especially in the beginning, so try to find investors in LI you can work with and see if you can bring deals for them, provide admin support, etc.