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.

I plan on using both a substantial HELOC as well as a commercial loan (likely Freddie Mac or Fannie Mae) to purchase a multifamily. 

My last 2 tax returns don't show a substantial amount of income since I run everything through my business, but I have good financial details on my businesses. 

So they know they had better find totally renovated comps or make substantial adjustments for all my updates. 

@Alejandro Rivera I'd take the financing you've been offered, not the HELOC. 1) if you don't have the HELOC already, it could take 4-6 weeks to get it. 2) unlike refinancing from hard money to conventional money (as in a BRRRR), your rate is substantially the same now vs after renovations. 3) the work you need to do on the units shouldn't cause more than one month vacancy. 6 x $500 = $3000 total vacancy loss.