All new LPs should at least run some of the ugly scenario numbers, based on the legalese in the OA/PPM etc. and see if the docs are really as risk aligned as they should be and/or are claimed to be.Most PPMs list a fee as a percentage and not with the dollar amount.

The other two units that you yourself are not occupying have to cover mortgage payment based off of rent schedule.

This isn't even close to a comprehensive list, but the point is that you need to learn the pitfalls of each building based on the year it was built and do the due diligence so you don't buy a lemon. 

-Real Estate is a Contact Sport...you can have a successful real estate career based on the number of people you know and keeping in touch with them on a regular basis throughout the year. 2) Can you "keep your day job" while you get started?

Someone might google things to look out for when buying a property, see 1960 and think "well I am looking at a 1975 house", so this does not apply, when in reality, many (but not all) still apply to every property.As for testing, Cincinnati requires a pamphlet to be provided to tenants, if the house may have lead based paint.  

They reached out to me weekly for the first couple of years with issues based on their incompetence (I was happy to help, to a point, but it got old), and the purchasing company lost close to all the doors in the first 5 years due to poor service, poor systems, and not really understanding how to add value to the client.  

My 10-year goal is to own and operate 2-4 short-term rentals in lake-based vacation destinations and provide add-on hospitality services to further my mission and cash flow.

What I would do is have something in writing as part of the offer that my bid is based on the systems in working order (or some estimated life span left)We will spend $30k to inspect them all and if any are deemed required to be replaced we will credit X at closing.

The exact rate can vary based on the lender, the borrower's creditworthiness, and the specific property. 

I chuckle these days when I have friends mention a Canadian "ghetto".The barrier to entry (housing prices) would be the biggest factor in my opinion and therefore you'd need significantly greater capital to get started compared to the US.I had done some personal research in the past regarding investing in the US as a Canadian and you could do it from both ends:Canadian using a Canadian bank to finance a US property (think retirees buying places in FL or AZCanadian using a Canadian based bank that now has a foothold in the US (ie, TD, RBC, even Scotia)Canadian using a US bank to qualify for a property - clearly more work and have to talk to the right places.I won't get into my opinions of the housing market back in Canada in general, but opportunities will present themselves at all times...I just think you'll spend a lot more time and energy having to pursue it and garner a significant amount of capital to get started.