But is there anything stopping me from acquiring it as a rental, and just turning around and saying we decided we need to live in it?

When you're considering out of state, what are you considering/researching before deciding on a market to zero in on?

I've established my goals/business plan and have decided to begin with residential multi family (2-4) units, then move on to small multifamily.

Of course you can decide to go more for appreciation or for cash flow, up to you.

If he wants to stay, he will stay long enough to burn the security deposit if he decides not to pay. 

I've lurked a little bit here in the past but decided to create an account and get active.

I understand your concerns about the Series LLC, but decided in favor that option, since I'm going to wind up with 8-10 owner finance loans under the solo 401k, and 8-10 individual LLCs seems cumbersome and expensive.  

Currently the rent barely breaks even but the price has appreciated quite a bit.Should I have the condo sold today, I would have about $260k on hand ($180k down pay + $80k profit after exp.)After listening to some podcasts and doing research, I decide my main goal is to buy and hold for the passive cash flow.

Others simply don't care, they'll take the offer of a couple months rent and leave.I don't think the new ONtario rules apply here as you're not asking them to leave for personal use, so it's up to you and your tenant to decide what's fair.Your #'s look pretty good, I rarely find a true cap rate around 6% so if that area goes for around that cap rate you're already in good shape.Even if a few of the tenants don't agree to move right away at 5.8% cap your're still in pretty good shape and you can slowly work on it.

I almost made the same mistake, but luckily found BP shortly after my initial "consultation" call and decided not to invest with them.