Here, there is a "default" lease under our Residential Tenancy Act that comes into effect once you accept payment for an accommodation - if you do not have a specific signed lease.

Consider the effects of foregoing your capital gains exclusion, if sell more than 3 years from now.

Many folks have a problem adjusting to effectively living on a 7.5% pay cut.

As such, it's possible I could come in $10k under budget, effectively making this deal 100% financed.

What effects do you think the bitter cold will have on an unoccupied house?

Look at this as a data-gathering exercise also.

"Out lot" sales in a commercial shopping center can be 3 or more years out requiring the all kinds of contingencies.Extending purchase agreements happen everyday, while the term of an extension is usually a few days or a month, there is nothing preventing an agreement to be extended for a longer term or as to any right or option to extend a purchase agreement.One and the main difference between the two contracts is that an Option does not (for a true Option) require performance by the optionee or buyer and a purchase contract requires performance by both parties, bi-lateral and uni-lateral agreements.An option may not have any default provision for performance as exercising the option is up to the buyer, the purchase agreement requires performance and carries penalties for non-performance.

The unit mix is also an issue; you'll get a different tenant base looking for a 3bd than an efficiency, and they might not want to live next to each other.I think you might want to exercise caution and do some more research before you get too excited about this one

Fortunately, surgery was able to fix the problem but not all of the effects.

I think this is a very effective strategy if you can grab a property low enough.