HML said an alternative is to change operating agreement to show >80% equity by primary borrower.To me, running credit on all the partners is the obvious solution before changing the operating agreement.

But, as you've noticed you have direct and indirect operating costs to do it and maintain your corporate veil, otherwise what was the point.I'd be happy to chat. 

Under MLI Select it said Purchase/refinanceOPTION A: 80% of units: maximum rent is ator below 30th percentile of rents (CMHC in thesubject market) for units of similar type (numberof bedrooms)OROPTION B: Project approved under otherhousing programs/initiatives (municipal, provincialor federal) that provide support for developmentof affordable housing such as capital grants,municipal concessions or expedited planningOROPTION C: Social housing projects with upto 5 years remaining on operating agreement:additional criteria applyNote: For all options, the affordability of designatedunits must be maintained for a minimum of 10 years.Affordable units are subject to provincially allowableannual rent increase or CPI.Pretty vague description and doesn't speak to the point system so i'm waiting to hear back for clarification.  

And make sure you have the relevant bank account statements/preapproval and operating agreement if applicable for submitting offers, as many seller entities may require additional documents for offer acceptance, purchase or re-fi.

Before I was an agent, and we were building our own portfolio, we just operated off of the seller's rent rolls and leases.

You should run numbers on both a mortgaged property and a property paid with cash for COCR purposes.As for rule of thumb, many investors would like to leverage their ability to obtain mortgages and start with a lot of units, versus dumping all working capital into one unit and not being able to make further moves until its regained (which could take years).It sounds like you don't have a single property -- I'd recommend running numbers and taking the plunge on a mortgaged property, getting some experience and operational protocols in place, and then expand from there.

The deal was adjacent to a current 4-plex that I own -- makes things easier for operations and better for lowering expenses (Trash - 1 dumpster instead of two), cap. improvements, etc.

The reason they do not allow 100% of the rental income is because they assume 25% will get eaten up with maintenance, repairs, management, etc (they are effectively accounting for your properties operating expenses) With that said, they place a cap on the qualifying rental income at your PITIA (principal, interest, taxes, insurance, association fees).

I did not hit these goals because I got "lost in the sauce" and off-track by investing heavily into cryptocurrencies and lost track of what the real goals are. 

More importantly, egress window with certain operable area requirements and a sill height of no more than 44" from finished floor.In my specific village, add to the above minimum of 150 sq ft.Finally, as others mentioned, legally having a bedroom and functionally having a bedroom can be vastly different.