That wasn't a particular concern for us, initially, as we like where we have been renting and can be patient.  

I am have been patiently watching and learning for about 2 years from a lot of people locally here in GR, as well as from all the great posts here on BP.  

Be patient. 

That will give you safety for when the market takes a downturn.

Those areas would consider typical returns balanced with tenant quality and personal safety.

Be aware and patient.  

We are in a great financial position, just dry on hard cash and our ratios are not "bank approved".Based on this project's experience, I'm thinking we need ~250k$ of cash (~140k down payment to avoid CMHC, ~60-80k$ renos, 15k$ purchase costs, 15-35k$ safety buffer)We are considering JVs, but I really don't feel confident approaching investors with "no skin in the game"; I'd rather secure a loan for say 50-100k$ then approach other investors to go 50/50 or something.

I know that if I'm patient and put in some footwork I can find a property for around 160-200k that I'm happy with.

Perform a fire/safety inspection every 3 months with proper notice.

As a precautionary measure, I do something called Home safety evaluation, which is clinicians utilize their knowledge on home environment safety to identify safety hazards in one's residence in order to maintain the quality life in their own environment.