“I wanna buy a multifamily” is different than “I’m interested in 10-20 unit apartment buildings for $800K up to my pre-qualification limit of $2.3m” which is different from “I wanna house-hack a triplex” which is different from “I’m looking for a seller who is willing to owner financing a deal with zero money down”.

You can bypass that limitation by establishing a commercial loan and consolidating all the loans into one larger (portfolio) loan.In summary, find a property with positive cash flow and don’t let "limitations" stop you from building your rental portfolio because there is usually a work around.

The limitation is set by income, and after that limitation is set, the money can come from anywhere, as far as the plan is concerned.However, that's a limited perspective.

Be sure to understand whether or not your home is under the Historic Society as they limit the types of materials you can use for rehabs.

I've had over a dozen applications over the last month, and only one applicant we really liked (and they haven't gotten back with me). 

However, until then, i don't expect Nova Scotian municipalities will enforce legislation limiting our re-positioning of rental housing - as long as we don't disturb the neighbours and pay the CRA :)Looking forward to any feedback Paul

.$450K purchase price, 25% down...30 year fixed rate mortgage at 5% on $337,500 is $1,812 per month...So if you have zero vacancy you'll break-even on the mortgage...And then burn money on maintenance, cap-ex (likely very limited), any vacancy, property taxes, insurance, etc.Consequently, you really, really, REALLY need that home price to go up. 

What specific deductions would be applicable.

You have already provided enough information that would have me rejecting their application.

. $300k limits pre-umbrella required on cars and houses.