If you do as you suggest you want to do, you no longer own the property.

I personally wouldn't buy a condo as an investment property unless you don't have a primary residence and plan to house hack it (e.g. buy a 2 bedroom and live in the unit and rent out the other bedroom).

The purchase price in many jurisdictions determines how the property will be taxed.

@Nia BookerIf you're house hacking and trying to live in as owner occupied, check with your local lender for first time buyer / DPA programs in Houston. 

I've been building a 1 bedroom carriage house on the property in my spare time for the last few years which my wife and I plan to move into in the next few months so we can rent out the house.

My name is Jack and my partners and I just acquired some rental properties in Cape Breton recently as we view there being an opportunity for growth in that market.

Utilizing loan down payment owner occupied financing.

Compared to the primary market in Nova Scotia (Halifax), land and property values are a fraction of the cost in Cape Breton, yet the demand is dire.

The biggest thing you'd have to manage after purchasing the right deal for you would be the property manager, so you can make sure he's managing your property how you'd like. 

View report
*This link comes directly from our calculators, based on information input by the member who posted.