When I try to analyze properties applying the four quadrant method, it does not work in Montreal because most of the time I have negative cash flow and the return on investment (cash on cash) is very low around 1-2% or negative.

What are my legal obligations in terms of sending him notice on not getting his deposit back either as place was not cleaned, major carpet damage done, damage done to trim, trash left etc....?

Once I have some experience and the appropriate network, I can see myself transitioning into Brandon's coined BRRRR method.

With this method you are getting quality and saving on some labor and product waste.  

. - @Jasmine Patel I would advise folks to be careful about closing air vents as a method of saving energy. 

What is the proper method for getting a property under contract for purchase by an investor from start to finish and are there any good templates out there?

This would be the preferred method from the Buyer's perspective because they are receiving title upfront.

I would say when getting started get a mentor, or listen to enough information that you can make an educated decision on your own; however, do not get sucked into one exact method until you have tried a few of them. 

For short term ( 5-7 year plan), use the Double Declining Balance method - - and that's a bear to get right.Forget 'appreciation' as it is not realized until you sell and then you have to deal with Depreciation Recapture too.  

Hi Steven,Although every situation is different and more information about your specific situation would be needed to determine what is best for you, I always prefer the "house hacking" method for new investors, especially if they do not own any property yet.