@Chris VanceIf you invest through an entity, make sure to know how the entity is taxed for US purposes and Canada purposes.For foreign investors investing in the US, you may be required to understand ECI(effectively connected income) and FDAP(fixed, determinable, annual and periodic).Furthermore, you may be required to apply for an ITIN.

That said, in business, and life, it is best to deal with things fast and effective than drawing it out unnecessarily, causing more pain and stress along the way. 

I'm not too concerned with calculating PM costs into it until later in life when its either paid off or refinanced at a lower payment.All combined the leverage would be a conventional loan for 80 percent and a HELOC for the other 20, none of my direct cash.With all that in mind, the following questions come to mind about whether this makes sense or not.Technically, if I'm using the HELOC completely or majority of the purchase, would that mean my CoC return is effectively much higher since its not my own money (directly, I know its my equity) as long as I don't make my own payments on the HELOC?

You could get a fixed long term loan with a relatively low rate (I think usually lower than the HELOC rates), and it wouldn't effect your primary mortgage.

I had fears but was able to stay calm and act effectively through them.

Well, of course you do "care" but it has no effect on you.

The decision you make will effect you for years to come.

Does age of building have an effect on the cap rate?  

Currently financial figures are as follows:Mortgage: $2200HOA: $550Monthly Property Tax: $600Maintenance: $50-100Total Monthly Cost: ~$3400 / month Rental income generates around $1400 a month leaving me with an "effective" monthly payment of $2000.

Will see which is the most cost effective option.