I got a house for very below the asking price from a bank by being firm and patient.

That's below market.  

Qualifying for a mortgage is a little tougher in Canada, however the rate for mortgages in arrears is well below 1% (default is less half of that).   

I would like to filter to service provided and market location. 

I am working on my strategy to get out of the rat race in the next 5 years and then concentrate on real estate and other businesses (including a B&B on the beach in Jamaica)My short and long term goals are below. 5 year goalTo make $5,000 per month passive income from real estate by 2020 to enable my retirement from the UN at 55.

Please check out the links below to maybe gain some insight.A couple blogs on HELOCshttp://www.biggerpockets.com/renewsblog/2013/08/27...http://www.biggerpockets.com/renewsblog/2014/02/01...a couple forums on HELOCshttp://www.biggerpockets.com/forums/49/topics/212951-helochttp://www.biggerpockets.com/forums/48/topics/183065-helochttp://www.biggerpockets.com/forums/88/topics/144032-heloc

I will leave my email below.

Option 1 -- Idea for this property - complete $5k worth of concrete work (necessary in the next year) then place on the market for sale - take equity and invest in other properties - more than likely will receive appx $100k cash after realtor commission and before capital gains tax if sold for $190KOption 2 - which I am pursuing and believe I can make happen - is open up a commercial Line of Credit for $75-85k (depends on appraisals by bank I'm working with)Also open up a line of credit for $25-30k (depends on appraisals) on my personal residence giving me appx $100k to work with as wellUse Lines of credit to either purchase properties below that require below $100k invested then refinance etc, or use lines of credit in conjunction with Portfolio lender I've used to purchase a project up to $300k or so (multi family, commercial etc)********************************************I also am 1/3 partner on another single family house that we redeemed last year, have just below $100k in with $58k owed on it, P&I pmt of $485 rents of $1495/moFor the most part completely reno'd this house so maintenance/upkeep costs should be very low - HVAC, H20 heater, less than 5 years old, fixed drainage issues etc.  

See below for an article on it.https://www.biggerpockets.com/renewsblog/2010/09/02/introduction-to-internal-rate-of-return-irr/ 

They got the property back from the borrower and leased it up and now they can sell at an 8 cap and make a nice spread to a buy and hold investor.The rents that were used to lease up and stabilize are generally below market.