Learn your market to become a more intelligent investor.  2.)

There is also some concern (i don't have details) about the level of condo fees and the suspicion that they are being set artificially low on new build.

If you want to learn the basics so that you can carry on an intelligent conversation with them, I recommend this book:  https://www.amazon.ca/Accounti...

Interest rates today have been artificially kept at historic lows, and are expected to rise in the coming years. 

Currently, the rates are going up partially due to Fed unwinding their balance sheet....Asset prices are sooo overvalued because of the artificially low rates for years...I expect asset prices to drop as rates go up....

While you are dedicating mind share to this nuance, less intelligent people are getting deals done. 

@Joel Florek It's extremely refreshing to see somebody else on here who is not only young, but able to articulate their ideas and come off as prepared, knowledgeable and intelligent.

Don't move on to the second question/assumption until you have validated the first.Here's an example of a good starting point:Assumption 1: I think I am ready to invest in a real estate deal (regardless of deal size)Idea to validate: find 5 other real estate professionals (brokers/investors) - ideally, some who are honest and intelligent, tell them what you have done to prepare, and ask them if they think it is a good idea.

Keeping that in mind, suggesting that someone must fail in order for another to succeed would be like placing an artificial limit on success. 

I did not enter the house before I bid, but I did case the exterior thoroughly and I also had additional intelligence on the place.It doesn't matter if the tenant forges the lease or actually has one.