A couple of things I like to tell my newbies-Owning a short-term rental property can offer significant financial benefits.

At one point I talked to my financially advisor and he said that it would be smart for me to open a HELOC on the property, but not draw from it, except in the case of emergencies.  

Section 8 can be a profitable and reliable resource but it is 'their ball, their court' so know the rules first.

Thank you for the financial breakdown!

The number of DSCR (Debt Service Coverage Ratio) loans a lender will offer can vary depending on the lender, your financial situation, and the property cash flow.

Meet with financial advisers/wealth managers and see what other options other than real estate there are and how to best allocate / diversify. ie have you maxed out your TFSA?

@Jordyn Ohs Suggest you run a financial model and assume 100% vacancy.

Their rates are good but boy, they looked at my financials and ask some funny questions such as asking for proof that I could withdraw funds from my SEP IRA account, and that I need to provide documentation to verify that  this employer sponsored retirement account allows for funds to be withdrawn, or if withdrawals could only be made in connection with the borrowers employment termination, retirement or death etc. everyday they sent me something new to answer.

What financial targets do you have?  

I don't try to evict based on neighbor complaints as those aren't super reliable and the people likely won't show up to court.