The breaker box is currently in a closet that backs up to the living room and so the most cost effective and time conscience way of dealing with it, is to open up the wall which will expose the unit to the living room.

(New asking price is $1,550k)@Joel Owens, you had previously mentioned that 3% vacancy loss is far from realistic considering 40% of this property's rent roll was office space (on 2nd floor).. note that this vacancy loss is not based on current available rent, its a de-ration to the current actual rented space (which there is 90% vacancy on current space)... so effectively there is a total ~13% vacancy loss considered.

@David Couch you are absolutely correct I know I'm not a painter and I can more effectively spend my time doing things that I'm good at and I believe in treating people with respect for what they do and paying them fairly.

There has to be a more effective and efficient way.

there are few high rises going up around Surrey central and I am sure there is more too come but I am not sure how this will effect SFH prices that are in the area.One place I like is Chilliwack, there has been a decent population increase but the prices aren't mad yet.

Not a big deal, but something to consider.The oft times hidden cost of a 401k loan however is effectively your tax rate.  

The brokerage makes their money on commissions and load fees, so they charge effectively nothing for the plan (which is limited to suit their business model).With a truly self-directed Solo 401(k), you are engaging a firm to provide you with a 401(k) trust that is not limited with respect to investment choices.  

I've heard that many of today's younger folks saw the effects of the last crash on their parents and that's made them gun-shy of buying.As well, divorce comes to mind as a reason for renting.

Up Front Mortgage Insurance Premium - For most of its mortgage insurance programs, FHA collects an: Upfront mortgage insurance premium (UFMIP), and Annual insurance premium which is collected in monthly installments Mortgage Insurance Premium - For 15 year and greater than 15 years. 1.75% of purchase price Annual Insurance Premium Greater than 15 years & greater than or = 95% LTV - 0.8%Greater than 15 years & less than 95% LTV - 0.85%Less than or = 15 years & Grester than 90% LTV - 0.7%Less than or = 15 years & less than 90% LTV - 0.45%High Balance Loan Amounts Less than or = to $625,000 & less than or = to 95% LTV - 0.8%Less than or = to $625,000 & greater than 95% LTV - 0.85%Greater than $625,000 & less than or = to 95% LTV - 0.1%Greater than $625,000 & greater than 95% LTV - 0.105%INCOME—RENTAL Rental income from a borrower’s primary single family residence (boarder income) is not acceptable for qualifying.Rental Income from the subject property may be considered effective income if the subject property is a 2-4 unit dwelling.

Question: How can I  most effectively purchase this property using conventional lending?