Chad:  Ironically, the Schedule 1 banks are not getting that lenient - the government has even pulled back the qualification and other regulations to where they were a decade ago to try and prevent a fiasco akin to what the U.S.A. suffered though in 2008/2009.I too am also very surprised, and wonder if the bank has placed a second (HELOC) on the other property, but perhaps a registered lien in Québec is sufficient to secure their position.Lisa - are you dealing with Desjardins?

Any laws or regulations here that would make it difficult (did a general search and could not find anything).

I can assure you that you can add as many or as few leads as you like and stop collecting whenever you have enough leads.Finally, I do want to mention that we aim to adhere to all local regulations with respect to questions that we can ask potential tenants.

The ones that do are the ones that got in early (not because of the stock market but because they had the means to move the market), and even with a 30% drop, is still looking at a portfolio of 120% growth over the last year (I'm just talking about numbers based off the shanghai index).Of course the wrench in the works is the Chinese govt that has imposed all sorts of trading regulations to halt the fall of the market. what that is going to do to the situation, no one knows.

A tenant with a 2-yr lease has given notice that they'll be moving out to a better school district when lease ends in 8 months.Normally this happens closer to lease end, and I follow CA regulations re: advising tenant of their rights to pre-move inspection, etc, etc.Should that happen now - or just acknowledge receipt of notice and wait until 1 month before lease end?

People seem to be willing to rent SF houses for $2600-3200+/mo in these areas, because the taxes return value in the form of local services, schools, safety, etc.I do have to say that there are numerous Bergen county towns with great commutes into NYC.

With high social services paying, and less people working and paying taxes, it will be a while for this city to recover like new Britain, or even close to Southington.I know numerous contractors in the area if you need help.  

My initial goal is to get more info about local regulations and get sample legal forms that will work here in Canada and of course continue learning more.The plan is 1-2 months from now to get started with 4 wholesale per month then keep increasing this after every 3 months and a review of performance.Looking forward to helping out and learning from everyone.Warm regards,Harold

So I would like to eventually bring this new purchase to that standard.It turned up during the inspection that one units shower has been leaking behind the tile for years (numerous ineffective repairs made) and there is visible damage to the subfloor under the tub as seen from the crawlspace.  

If the S-Corp has frequent and significant passive income, such as capital gains or rental income, the S-Corp status can be revoked by the IRS and you become subject to all the C-Corp regulations as above.I'd own the properties as yourself - no sole proprietorship required, because it will be on a Schedule E, not a schedule C.