Considering all of the above, using the rental property analysis tool here on Bigger Pockets, I can afford to pay 150-160k max for this property.

This strategy works better when your selling widgets and can afford to sell some at a loss to gauge the market.  

Residential real estate is not as affordable as in the U.S.A. and lending (residential mortgages) is different.Transactions here are Closed using attorneys - as they are in some U.S.A. states.The biggest difference in financing is that we do not have long term mortgages in Canada.  

Affordable housing inventories change, laws change or are adopted, financing requirements can change, your money partner can die or change their mind, thousands of things can happen to effect any niche that you attempt to specialize in. 

Starter house this year which I would then turn around and rent when I can afford to get a mortgage on a better house next year.

Many investors lost their buildings a few years ago when oil spiked and they couldn't afford it.  

Land Development is not that complicated but it can be expensive and time consuming and majorly frustrating.... what you think its going to cost usually you need to add 20 to 30% by the time the agencies get done with you  :)

We are in a white hot market here so I was not surprised to get a full price offer in 5 days...however the buyer backed out and then I found out that he had 3 other offers in on other properties...I do not understand this...we are NOT talking about REO and flinging out offers hoping one will stick but full price SFR on the MLS...found out later the buyers agent was aware and it must be frustrating to her as well...maybe the buyer thinks he can play sellers off each other and get someone to come off their price but not in this market...as I said it's a hot market...just irks me the property was tied up for 10 days...another seller told me the same thing had happened to him ...next time I will ask the buyers agent if the buyer has made any other offers on other properties...if it's a seminar trick I don't get it !

Why good idea - because you can afford it...Do you see how asinine this logic is, DL?

I've looked a lot at properties out there and there's virtually nothing that we would be able to afford.