Yes you can turn it into a full-time job if you had enough units, but there are a lot of variables that I would want to know before doing that.

Too many other variables come into play with 4-plexes or smaller, because they're all affected by the owner-occupier market too, which is VERY fickle when it comes to esoteric things like kerb appeal...But certainly, try to ensure that its Return On Investment is in line with YOUR investment goals!

I truly believe it helps to have a mentor when implementing the knowledge you learn as real estate has so many variables and just like a lot of money can be made in a deal also a lot can be lost.

There are so many variables to consider.

Wondering if anyone has any input or strategies on how to ensure cash flow stays positive if interest rates rise once the variable rate kicks in. 

The only variable will be what happens if you get the work done faster (yay, it costs less) vs. slow (boo, it costs more). 

I just got a refinance done for a 1.45% variable on 30 yr amortization, 5 year variable in Canada and was told this is a bit higher due to a refi on a rental property.

27 year old male, 730 credit score, 40% DTI, no student/car/medical debt, first time home buyer looking for estimated max loan amountHello, I understand that this is a case by case question with many variables involved.

Definitely calculate the monthly payments you'd be making on the HELOC and any variables it might have (such as fixed-rate or not - I would only ever do a fixed-rate HELOC). 

If you are doing it on a property that is completely paid off, you'll save 10x more by just doing a traditional cash out refinance because then you wouldn't be subject to variable interest rates.