So this makes effective use of your nights and weekends critical. 

Has anyone out there purchased an investment property in a cost effective city while renting in an expensive city (such as Toronto)?

Once you know your What you could sell them for, then you can answer the question of what is the effective ROI based upon current valuation.

How can you possibly do it that cost effectively? 

You don't know how to wholesale effectively, and you want to virtually wholesale? 

One of the most effective ways to get deals is by following up with a seller two or three months down the road.

@Vladimir K. flipping inside or outside of an LLC will have no effect on the tax liability unless that LLC is being taxed as an S-Corp.

I would screen myself however the selected choice.   

*****Infinite Banking/Circle of Wealth/Bank On Yourself/etc.Some people want to know about the effect of taking loans against whole life insurance and repaying them with interest, thus creating your own personal financing system, which goes by a variety of different marketing names. 

Also, would anyone have input on effective ways to find properties without direct mail?