This would seek to protect everyone's interests but more importantly, friendships.

That way if credit tenant says I want the corner space you have the flexibility to move the karate school to another spot in the center.

Both options seem good but because I'm still in the newbie phase, seeking advice. 

First, not sure how you'd get all that into a retirement account like a IRA...If you could get a hloc that would be better since you would have the flexibility, albeit slightly higher rate.But, with rates so low, its not a bad option really. 

Should they still only offer the renewal without the water damage coverage, seek out other quotes. 

I’m going to seek out another lender now.

Jonathan, I'm sure your intent was to help but honestly, you did not answer my questions, at all, and your line of questioning is more so personal than seeking info to actual answer the premise of what was asked.

What's the best way to seek out good contractors

I'm flexible with properties that can go as high as 500k.

Hi Folks,I am planning to buy my first ever investment propertyI live in GTA, I can take mortgage upto 1 million, and have approx 250k liquid assets for 20% down and other expenses I am thinking to buy a single family, and build a legal basement for second unit for better cash flow/numbersArea of interest are KWC, London, Niagara Region, Mississauga/Brampton...I am flexible with location as long as I gets a better deal and numbers look reasonable.Questions / Concerns- As a first time investor, my plan to go for a single family and such an expensive property is fine?