Aside from the returns, there can be more headache with condos depending on the people that live there and run the HOA...that's often times the bigger gamble ;)

I am a Canadian looking to purchase property in the US. I am looking for someone to help me set up a corporate structure as well as assist during tax season. Any recommendations? 

Even if there's a small chance of getting caught, I'm not going to risk 18 months in the clink plus big fines and having my loan called plus ruining my creditworthiness just for a lower rate personally, but I'm not a gambling man."

Not looking for gamble purchases, yet.

I got a HELOC from PENFED (need to be or have a family member that is military or federal police type like customs or border patrol). 70 or 75% loan to value, and the rate is 1% above prime I believe ( my rate is 6% right now). 

This may be the best way in general, however you really should check with a cross border tax/legal specialist.  

I've met people who successfully flip million dollar home in Raleigh and others who successfully flip mobile homes near the NC/VA border.

New constructions might be an exception, but even they can be a gamble.

Basically , these people set up shop in New York, or somewhere close to the border for a couple of weeks.

It is brilliant for short term to build net worth/ equity but the gamble of losing your *** can be taken out of the equation with proper reserves.