That would put the bank at a lower LTV and they might lighten up on their requirements.

2) If the Canadian banks such as RBC see that I have a 700k mortgage already will they even let me borrow one?

So glad you've already plugged into the Bigger Pockets podcast - that was a huge source of education for me when I first started.If you haven't already, I would recommend finding a real estate agent that you trust, and also start talking to lenders (banks, mortgage brokers, credit unions, etc.)

Contact banks and see what additional loans they can offer with lower down. 

I don't have many REI regrets but if I started all over, I would house hack early and often.If you haven't already, I would recommend finding a real estate agent that you trust, and also start talking to lenders (banks, mortgage brokers, credit unions, etc.)

Do they open up a new account for us and send us statements and cash flow monthly or just take our current accounts over/get access to our current banking systems?

Why do you think a bank on a construction loan or rehab loan gives draws?

I was fortunate, again, to have my father co-sign on most everything, but Bank of America got so granular, I had to explain a $300 deposit in my account for selling a couch on Craigslist along with every SINGLE transaction over about 3 month period.

I just handled my father-in-law’s estate and thankfully he had everything (i.e. cars, house, bank & investment accounts, etc) in the trust.

The purchase is usually (but doesn't have to be) funded by a combination of a down payment from you and a bank loan made to the EAT but secured by you.