I've been in your position when I was working within M&A and sell-side equity research.

I understand the position of the IRC & IBC - and here, the National Building Code of Canada - and you are correct.  

You need to find properties that will produce positive cash flow without having to buy it with your own cash.

Apparently she went to stay with a friend after they broke up but came back and said she was on the lease and he couldnt kick her out (technically correct from my position).  

You will go positive at $110,000....but barely...get the number down to $95-100k and then you've got a property....As you mentioned you're searching the MLS...many of the good deals there get picked over really fast...especially when the market it hot like it is now.

I will tell you this, there are people hear who would truly maximize your rate return in other markets working with a cash position like that.

If you can not cash flow with a hypothetical 100% financing you will not achieve positive cash flow generated by the property.

I would like to hear positive and negatives about having a rental in a trailer park ie regulations, tenant screening ...

I can get about $1100-1300 for a 3 bed, 2 bath.I would like to hear positive and negatives about having a rental in a trailer park ie regulations, tenant screening ...

I am a notorious procrastinator but am fully dedicating myself to this new venture in hopes of making a lasting positive change.