Buying at a discount and renovating some allows you to have some equity after the renovation and possibly pull cash out with a refinance.

She/he allows to do such karaoke on Sat at 11 only.

Always do the math analysis on a prospective property and try to look at it of at least have a clause in the sales contract that allows you some time (about 15 days) to make a detailed inspection and possibly walk out of the deal without a penalty that will hurt you too much.The thing you also should do in the beginning is to have a Team put together that typically have an Attorney, real estate Agents, a CPA (or accountants), Inspectors, general Contractors, and Handymen.  

Looking for some feedback on structuring a partnership.I have a multi-use property under contract for $400,000 that will rent for $3,200 / month.I have fronted $3,000 of earnest money and will put my commission from the sale toward some modifications that will allow it to rent at $3,200.

The IRS allows you to buy real estate with your IRA, with some very specific rules for doing this. 

This is how I am approaching the issue personally:The unit I want to refinance is very similar to yours, worth about 130k and rents for $1375/m.Most traditional lenders will allow you to pull out 70-75% of the appraised value.

Are you allowed to stay on well?

Just found out that the maximum allowable Rent is 3.7% In BC does that sound About right?

You could get a real estate license if you have little money or if you do get a job right out of school you could buy a property that allows you to rent out space (either a separate unit or bedroom(s) )  AKA House Hacking.  

It protects them and allows you to keep your holding costs down a little.I've never done it, but I've arranged financing for it a couple times and had the deal fall through (knock on wood).Beset of luck!