Real Estate is the only investment vehicle in which you can use OPM to recover most, if not all of your initial investment capital and put it back to work. 

The cost of those points would be 10k added to my loan, but by refinancing at this rate I would save $160 a month and a lot more in interest down the road once the initial 10k they charged is paid off.

I like something similar to your $850 month to month/$1000 annual lease approach, and think it would've been a lesser blow to the tenants if that is what you had initially came out with.

Sounds like you're taking a good initial approach.You mentioned you bought the property for $175k, and that the ARV will be somewhere north of $245k, but you didn't mention how much you're spending on renovations. 

Good job realizing your initial exit strategy wasn't working and rebounding with a new exit strategy!

I have had multiple investments that I started with negative initial cashflow and have done very well as rents and value have appreciated. 

I suppose ultimately we were hoping to use it for passive income (as well as pass the property down to our children) once mortgage was paid off since we had initially put so little money into it so far.

In a competitive market, forced appreciation seems to be what I should aim at after I find a deal.I forgot to precise this but my comment was related to house hacking a Triplex@Frederic Babeux the decision to start with montreal, at least for the start is because my girlfriend and I work here and we wanted to house hack as an initial investment.

s points (which are all very good):$1k for for initial repairs is probably too low.

I initially got really excited that I might be able to finish the rehab within 25K (as mentioned in my prev. post) but there were couple of surprises that let to the budget going to 35K.2.