Just getting into real estate and was wondering about if it is a good idea to wholesale. use the money as down payments and take those properties and set them up as lease option?

It can move like molasses too, so your asset may take time to sell if you choose to exit.All this said, and I don't have a single income producing residential property at the moment....something I'm working to rectify.

Are there any specific steps you are taking to ensure all renovations and repairs are properly documented?

We have good friends who are taking this approach  and we understand all the requirements we need to meet, which we are confident she will be able to do. 

Ironically it's much more difficult to buy a quality asset than a cheap duplex, as you are competing with other experienced investors and it may take more time.

Seeing as you're in Windsor, why not take a serious look at Detroit?

@Janki Patel, Your old partnership needs to take title to at least as much real estate as it's net sale in order to defer all tax. 

@Steve Morris Thank Steve for this information,I will definitely take into account what you just told me.

After you do this, it still does not mean you will qualify as they will only go to a specific LTV, you cannot take all of it.

Our Midwest "B" market we are looking at $1 per month per sqft, we take care of the taxes and maintenance.