Check for water leaks, tenant damage, modifications on part of tenant, dumb a** tenant safety issues, unwanted guests/pets, smoke/fire alarm, furnace/air conditioning filters. 

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.