Many people like Real Estate Investing because of its potential to spit out cash flow on a consistent basis and the McDonald strategy has been super successful because of the super successful products (food) that the company offers. 

Is it legal in Canada, how should I approach accountant for the process. what are the things that I need to look into in this process. excuse me, if my questions are very open ended. 

If you ever get sued and want to use the business as a legal shield, having a separate business account that doesn't co-mingle with your personal funds will be important when it comes to the determination of whether what you have is a business or a personal hobby (though there are certainly lots of other aspects of this you need to investigate as well).

I would love to hear feedback from others that may have been in this situation or can just offer additional advice.Thank you so much!

You could offer to back up lease end to April/ May if that works for you.

My STR and LTR's are all schedule E.Unless you are cooking them breakfast or offering daily cleaning with a turndown service you will be on a schedule E.

With lower mortgage interest rates comes increased competition so the sweet spot may be sometime towards the end of this year.That said, if you see a property you like, the best advise is to shoot your shot and submit an offer that makes sense to you and if they bite, you win and if they don't, you didn't lose.

He had mentioned taking legal action because we are "violating the lease by not providing a safe property."

But go back to the realtor where you are at and tell them the type of multi family you would like and walk you through making an offer.  

The following YouTube links to our business real estate attorneys offer valuable info that'll help you answer all the above questions.