Thank you biggerpockets community for the instruction and support that has allowed us to be in the position to need to ask these questions. 

Most developed countries allow foreigners to own land.

Buying at a discount and renovating some allows you to have some equity after the renovation and possibly pull cash out with a refinance.

She/he allows to do such karaoke on Sat at 11 only.

Always do the math analysis on a prospective property and try to look at it of at least have a clause in the sales contract that allows you some time (about 15 days) to make a detailed inspection and possibly walk out of the deal without a penalty that will hurt you too much.The thing you also should do in the beginning is to have a Team put together that typically have an Attorney, real estate Agents, a CPA (or accountants), Inspectors, general Contractors, and Handymen.  

Looking for some feedback on structuring a partnership.I have a multi-use property under contract for $400,000 that will rent for $3,200 / month.I have fronted $3,000 of earnest money and will put my commission from the sale toward some modifications that will allow it to rent at $3,200.

The IRS allows you to buy real estate with your IRA, with some very specific rules for doing this. 

This is how I am approaching the issue personally:The unit I want to refinance is very similar to yours, worth about 130k and rents for $1375/m.Most traditional lenders will allow you to pull out 70-75% of the appraised value.

Are you allowed to stay on well?

Just found out that the maximum allowable Rent is 3.7% In BC does that sound About right?