The primary thing I would be looking at is the purchase price to rent ratio (1%, 2% rule).

I know I will have to pay incomes taxes as apart of this conversion, but I've been doing some reading and can't seem to understand if I will also be hit with additional taxes as a result of something called "pro-rata rule".

I know the formula is a guide/base line but when you have ARVs hovering around the million dollar range, is there a rule of thumb or a percentage amount increase to determine purchase price?

In any case, I put an offer in on a condo following the rule of buying 20% below FMV, and it was countered but still not even close to where I needed it to be for it to work.I researched about 25 properties viewed 4 and put an offer on 1 and it didn't work out.

Does anyone know of banks that will have different policies or does this rule somehow not apply when it comes to bank account contracts?

I do not want to do the same mindless work anymore and want to create wealth and financial freedom.

In Ontario, I find it hard to find properties that will cash flow at the 1%rule at the least when taking into account all the appropriate expenses.

You almost completely disregard the "verbal acceptance," and push for the fully ratified contract, signed and delivered, by creating a sense of urgency that you feel is appropriate for the situation at hand.

You're far better off working with tenant/buyers directly.As for costs, that all depends on the rules of your local MLS and your broker.

They may short cut the fix, leave things wet, and create an environment for mold. letting an unqualified person work on electrical can be a huge liability if they get hurt or burn the place down.