All that being said, there seems to be rather over-the-top and ill-informed postings regarding converting these notes to equity.

Both units are now rented, but the property is still operating at a loss.We’re considering finishing the basement and converting it into a two-bedroom short-term rental.

I hope to get to a big fix and flip like this eventually Hello Ray, thanks for the response. 

We’re considering finishing the basement and converting it into a two-bedroom short-term rental.

You'll eventually want to work with a CPA to make sure you're taking advantage of everything your real estate has to offer and see how it interplays with your current income streams, making sure that it aligns with your overall financial picture.

With no progress, our client eventually had to terminate.Here’s the interesting part: right after termination, the seller and broker suddenly offered everything our client had originally asked for—extensions, access, updated terms.

Could we move into that home, convert to primary home and sell it a few years later to benefit from the primary home allowance?

My main goal is to live in the property for a few years and then convert it into a long-term rental, which makes my choice of property type crucial: should I focus on a single-family house outside the city, a smaller home within the city limits, or a condo?

Whenever my lead gen clients get stuck on converting the sellers I send over, I always refer them to RJ's coaching. 

We help over 100 people we help each year buy their first investment property and the math eventually catches up with you if the property is negative cashflow.