I am just about to close on my first rental here in January.

I can check it out and give you some feedback on how to bring occupancy rate or ADR up or if the move would be to go a different direction based on the data. 

Almost like trying to bet on the next Amazon.

From what I see on the market, houses are cheaper than most areas in the GTA while rent is still relatively high.Especially if you can find a SFR and convert the basement into a secondary suite, will definitely cashflow positive.

Contact your county tax assessor's office to learn how to find this information (it's usually online and easy).Talk to the neighbors.There are paid apps that may include contact information for specific properties.

The BRRRR strategy—Buy, Rehab, Rent, Refinance, Repeat—played a pivotal role in this growth.

Off market preferred but on-market welcome.Any suggestions for good areas to buy in?

I added value to the deal by retaining the 3 long-term tenants on the upper level, providing immediate cash flow, while planning upgrades to their units to justify future rent increases.

What areas in the Midwest were you focusing on and is investing in NY your new goal?

Unfortunately, you must refinance the property completely with a new mortgage in order to pull equity out (or pursue a line of credit with a local bank).