Hi everyone!

I'm in my mid-20s and have no experience in real estate, but I'm really excited to buy my first piece of property this year!

I have enough saved to make a down payment and my relatives are going to put in half of the value, so I'll be responsible for paying the remaining mortgage.

My long term goals are to own a primary residence and a commercial or multi-use building that contributes to the social good - like section 8, green properties, recovery houses, etc.

I've read the Beginner's Guide to Real Estate Investment and many articles here and elsewhere. I'm beginning to think that real estate investment is an untapped passion I have. However, YEESH. The Toronto market is CRAZY. In a different league than the examples. 100k for a house?? NOPE. 500k at least!

There's no way I'll be able to adhere to the 2% rule!

I'm looking at buying a 2 or 3 bedroom house with a basement unit for under 600k. My thinking is that I should definitely not exceed 200k/bedroom.

What advice do you have for this kind of outrageous market for someone who is looking to balance primary residence with investment?

Do you think I'll be in the hole if I buy in this environment?

What if I bought a 4 bedroom 700k in a 900k+ neighbourhood?

The property will be my primary residence, so it's not strictly an investment, but I'd also like to get my foot in the door.

Thanks so much for everyone's words of wisdom. This site has really inspired me and helped me focus on making a good buy. :)