Never heard of them nor can I find much info online about them @John Arena.What are you looking to accomplish with them?

Hello my fellow Big Pocketers,  I need some help!

In need of seasoned renters advice!

I would say compare terms, seasoning period requirements (Assuming when you mentioned construction loan you're talking about a rehab project), response time of your rep, learn as much about their loan underwriting and approval process as you can.

My questions about this strategy is how long would the property need be classified as an investment property?

Sometimes they get away with it, sometimes not.I think building a whole suite in the basement will be much more noticeable than just a bedroom and they will probably call you on it if it is not permitted.

You do not need to change the mortgage but will need to change the type of insurance you have on the property. 

Grant funding can be up to 50% of total project costs of the proposed Development, depending on the need for assistance to create a viable development and adequate eligible project costs.

Additionally, with a 7% interest rate, I'm paying a significant amount in interest.On the other hand, if I save up for a down payment on a rental property, once I have enough to purchase the right property, it shouldn't require any additional money from me, and I'll be building equity without needing to contribute more.Does anyone have experience with this?

@Minh Vu  You need to look at the mortgages to see the exact terms.I'm assuming the value of this property is far greater than $175k, which is why you're pursuing this?