The property will rent for about $1,350 and the total of the monthly payments are about $1,000.It's clearly not a cash cow, but the equity is building rapidly because of the age of the mortgage.Has anybody done this before?

It is perfectly fine if he either shreds or totally dismisses our agreement draft - that's what we are hoping for by speaking with him.

They might be a totally different type of investor than you.

House hacking may be your best bet to build equity, and maybe refi to pull funds or continue to save and put yourself in the best position a year or so from now to make the move to strictly investment props!!

(I can't buy where I currently live because it is insanely expensive).I see several houses for sale in this price range, and all of them look to be big-time fixer-uppers, which is totally fine, but I'm not sure how to analyze the area around the house, the other houses near it, the location, and determine if it would perform well. 

So total all in cash required is $500,000. 

I live in Vancouver, so the Greater Vancouver Area is totally out of the equation. 

Now with regards to a lender...your best bet is going to be a local community bank and/or credit union.

I suspect there is potential since some of the similar properties in the area are closer to 100k and these are 7 properties in the 300k range total.

I think this is probably the best bet@George Skidis thanks, I will look into Legalshield