In a few cases, the renters won.Protect your foundation.If your foundation needs to be watered, put out soaker hoses connected to timers and tell renters not to touch them.

Keep in touch.

I'd suggest you get in touch with your local Ottawa REIA, Meetup Group, or any other groups operating in your area, and have a chat with the organisers to get some help, going through the Due Diligence process. 

You close on the investment property, but now you have this $100k HELOC that is either an ARM (which makes you nervous) or at an ugly fixed rate (which you don't like).Now...Primary: owe $300k on 1st, $100k on HELOC, worth $500k.Investment property: owe $281k, worth $400k.Even if you go to 75% LTV on the investment, that isn't enough to nuke that HELOC debt.However you could refinance the primary, rolling 1st and HELOC into a new first lien at $400k and 80% LTV.After you close on the investment property, make sure you don't immediately blow an amount of money left over that your lender will want to earmark (but not touch) as "6 months PITI reserves" on fixing it up. 

Paulus Touch base with me monday and I will give you a few guys to call.Alex 

I also need to get in touch with a Commercial lender broker in the same city and /or near .

Your experience as a realtor must have put you in touch with those currently in the fixNflip world.  

:) Yes- let's stay in touch.

I don't touch the stuff.If  a property could be found at the bottom of the cycle in an AWESOME area to fix up that is different.

Stay in touch, good luck, Steve