I had what appeared to be a nice, well-dressed family apply for one of my rentals. 

Still have to get in touch with the appraiser again, but the repairs appear to be minor enough that my coworker and I should be able to do them ourselves.

If you have a savvy tenant and you keep the sd and they seek the advice of a lawyer, you could be looking at appearing in court and paying triple damages.  

There are some tax consequences of accepting upfront option payments, and the CRA (Cdn equivalent of IRS) haven't completely made a concrete ruling on the matter, but generally is counted as income in lieu of capital appreciation.  

In your case you have what appears to be a fair to average opportunity.

Here are some recommendations for you:Find and connect with other BP members that are in your area: http://www.biggerpockets.com/meetSet up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alertsRead Beginner’s Guide: http://www.biggerpockets.com/real-estate-investingCheck out BP Podcasts: http://www.biggerpockets.com/renewsblog/category/podcast/If you wish to tag someone in the conversation on the forum, type @ followed by their name and then select the name of that person which should appear below the comments box.

Had we had to waited for the private investor unicorn to appear with 3.7MM and fund us 100% lets just say I would not be writing this post.Good luck

This forum appeared multiple times after searching on Google as a good point of reference and it seems to have more people engaged in this niche so I figured I might as well join haha.  

It appears that there may have been a 4th spot out front at some point, but there is now curb.

It's about balance and not living above your means.If you spend 100k a year but make 1 million then you are at 10% ratio.The problem is many people make 50k and spend like they make 50k or use credit cards to appear they make 60k or 70k to keep up with the Jones!