I did manage to dig a bit deeper and found out that the municipality of Edmonton has an advisory body still active which offers a full suite of forms which have been legally reviewed by their own real estate lawyers and by the dispute resolution courts.

This says at the 5 year mark your NOI is 29354, expenses are 21474, debt service 21451 for a cash flow of 8490.

The issue you may run into is the 1.25 Debt service coverage ratio required.

When you refinanced the following year, did you run into any issues with having debt from your HELOC on your credit report?

@Wes BlackwellThanks for the replies to everyone.A bit more about me and my current state, unfortunately I am going through a divorce (we were married through her tradition which means not legally yet the pain is the same) that being said; I do understand your points Wes.

Then the next big question is how will you finance the deal, just given the NOI and revenue/expense ratio the deal should cash flow, but looking at actual debt service will make the picture a little more clear.Other numbers I don't see that may be baked in are vacancy, reserves, management fee (even if you plan to self manage).That all being said, it could be a great deal but need to know more. 

We decided to pay off some old debt and we have about $5000 liquid cash left to reinvest.

Suffolk county has some great two family homes as well as homes with legal apartments attached.

I'm interested in getting input as to how this could affect a niche market and legalities of the situation in various states.  

Hi, I'm a newer investor hoping to get clarification on legal bedrooms in Chicago.