I’m coming up with: $4600 monthly rents$450 insurance $950 taxes $690 Cap ex, Maintenance and Vacancy 5% each $400 water/electric from current financials $130 landscaping from current Which leaves me right under $2000 for a mortgage payment just to break even, which is a purchase price of $375k with 25% down.

I am in the process of purchasing my first duplex. 

I already purchased a home to flip with my brother. 

Purchase price: $350,000 Cash invested: $25,000 Second Property

My husband and I are looking to purchase our first home and we are very interested in finding a house we can live in for at least 3-5 years and gain a significant amount of equity.

As a person who has purchased hundreds of mortgage notes (non-performing and performing) and done many seller finance deals let me tell you if this was the case wouldn't all banks require the buyer (their borrower) to get such a deed so that if their borrowers do not pay then they don't have to go through foreclosure.  

I had a friend who just purchased a 2nd home in Florida with RBC and got a great interest rate and they use your Canadian credit but it's a US mortgage. 

What would be the best way to finance this deal as someone who has never purchased any real estate before?

@Devin Cutler I've had lenders tell me the funds cannot be used for things like "business purposes", "educational uses", and "new property purchases".

It depends on how much capital you have but I recommend either house hacking (3.5% - 5% down) a 2-4 unit property or you'll need 20-25% down for a non-owner occupant purchase which comes with higher rates.