I see that more on the East coast as older cities like Richmond have gentrified, and correct me if I'm wrong but I'd guess that the properties are still on the older side even though they are in good areas.That's true, a lot of Richmond City proper is older buildings.

While it is true you can’t receive a commission representing yourself in a purchase or sale in another state, you certainly can receive a referral fee for it and as such, it is not uncommon to have your buyer rep or listing agent pay you a referral fee on your purchase or sake out of state.

The value adds here are unique as you can still find true off market mom and pop assets that are very poorly managed.

I say two years because depending on the sale date it can take some time for the true tax to show up on records. 

@Emilio Trujillo,I'm glad you took that positively - in the spirit in which it was intended.  

It’s a lot more detailed than it used to be and could end up being pricier if your electrician doesn’t stay true.

Very true and congrats on your success!

@Max T. yes I did some digging on this and thats true.

JD, Thanks for the response and great point on the value/cash flow at the 80% LTV, one point is that we think the appraisal was higher than we could sell anyways based on our own comps, so we do have a small profit at 80% of what we believe the true selling point is. 

Does anyone know of a true real estate investment law firm in southwestern Ontario (Toronto, ON, London, ON, Windsor, ON, Mississauga, ON, etc)?