I'm always amazed at how well some investors do when they buy a home substantially below market, add a few dollars, and boom it's back on the market in less than a year from the their purchase, much higher.

@Jerome Hranka you need an economic reason other than pure tax avoidance in order to substantiate a strategy.

The building must be substantially renovated to qualify for HTCs, and the HTCs are claimed when the building is placed in service.

You actually just nailed the reason for much of your opinion of Realtors - "All the realtors I used in the past were high school educated and people who were barely surviving in the industry".The $70k you mentioned is a substantial sum of money for the listing of your homes.

In regards to incorporating always talk with a lawyer and be weary with what people tell you unless they have substantial real experience investing, Not just hear say of “someone they know”.

I believe that the phrase "Substantial consideration" (SC) is one that provides most leeway for  unlicensed activity. 

If the seller is willing to do this, that will substantially lower your closing costs.

If the tenant vacates in 5 years, depending on your location, the property might be difficult to re-lease (not to mention the costs associated with finding a new tenants, which can be substantial).At the most basic level you are talking about making a decision to get out of whatever business your currently in and becoming a landlord.

Glad to see you are investing from Canada, that is pretty awesome and yes the returns are substantially greater than where you were initially looking.

The actual dwelling isn't that big, but the land is substantial.