I'm fairly familiar with the terms I'd seek for a local (NYC suburb) single-family flip, but this 4-family has possibilities to flip or rent.

I would suggest not relying on the value from wholesalers who are out to get your asset at a discount as 'Fair' Market Value.

Can you please give me some sense of the financials involved to maintain the license?

We are in this 50/50 but I know its not fair for him to be at greater risk while having 2 kids & married while me being single with no kids.

If it was just a toilet leak, that's a fairly minor deal.

A lack of financing options didn't make the plan work out at this time though.Instead, my wife and I are thinking the first place we buy should be local and would purchase a multi-unit house, duplex, triplex, etc. in a fairly affordable neighourhood right in Vancouver.Any advice for someone trying to make a wise decision in the overly expensive Vancouver?

I am fairly conservative though.

They are paying $450 a month for a 2/2 and the landlord hasn't raised rent on them for years - at the same time, the landlord didn't do anything to maintain the property and just let it rot.I think when someone stays that long, they are no longer "tenants" they become "fixtures".

Since it's been a hot market, and I was just getting a handle on it, it felt like the ratio was more like - look at a 200 houses, offer on 20, hope to get 1.Getting things fairly off-MLS is the key.

And if they're looking to sell then you've got a good shot at it being paid off fairly quickly.