There is always the Ontario Building Code that we must meet, but local laws can require even HIGHER standards when it comes to safety, etc. 

You'll need to resubmit any buyer info to the bank so they can vet it as a arms-length transaction and they'll need to approve the offer a 2nd time.

(Since we're house hacking I want to make sure that we don't have to deal with safety issues.)I'm obviously hunting for value here but I'm willing to pay the Lakewood premium for value that surfaces in the form of quality of life.

That's why I signed up here - better armed I can finally push forward.

I'm looking to have another HELOC mainly as a safety net.

Not to break my arm patting myself on the back, but I'm fairly good at imagining redesigns and do it on my own houses with software when I'm daydreaming - send me a drawing of the layout and maybe I can make some suggestions.

Consider if they have a lease or no lease this might also make a difference.I would have them make requests for repairs and commitments to pay in writing, plan to get current on rent,  limit requests to safety issues now.

Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbookTo find out about an area go to IREM.org search for ARM certified property managers.

I won't have to deal with managing another project, budgets, contractors, time and building and safety depts..Any thoughts?

I'm looking at keeping it long term as a rental and another form of retirement safety net.