If I am understanding you correctly, you are asking if you can receive a "2nd mortgage" on a property for your down payment (or some if it).

I’m pretty sure i did it correctly but now i wanna pull permits for the rest of the house.

@Ron MannersAm I reading these numbers correctly?

. :)I want to make a small correction to your numbers. 

Also, he is correct in that you should make sure with whatever loan you're starting with you're accounting for the holding costs of the loan etc. 

You are correct the suburbs suppport a higher rent but in Toledo it is definitely more difficult.

This would imply that any terms and conditions of the existing leases and TAW agreements are in place after the sale until a new rental agreement is signed (or the tenant moves out).Is this correct?

Someone can correct me if I'm wrong, but if you don't have $200K ready right now and access to $800K in loans (traditional or private), then you'll have a hard time getting into the Toronto Market.Hamilton is the closest, most affordable market going west ($60K down, $240k mortgage, on MLS).

This renovation loan is also considered a conventional loan correct ?  

@Jan Walczak I can’t speak for the Toronto market, but you are correct that based on using a Heloc for DP and a conventional mortgage you need to take into account two sets of lending payment in your calculations.