If you plan to use cash to finance your acquisition and rehab expenses, this will help minimize risk exposure to a certain degree.

You say that you are investing out of state.

One caveat to this strategy is that you can’t live in a property that your IRA owns, nor can you rent it out to anyone else who may be considered a disqualified person like your spouse or child.Feel free to connect with me and send me a direct message if you want to learn more!

This is a self directed RRSP or TFSA account that allows you to lend your money out to people with the backing of their mortgage for a high interest rate. 1st, 2nd, 3rd mortgages, down payments, refinances, flipping or renovation money.

I would, If in this position, take the equity in the form of a HELOC and purchase a cash flowing asset that would not only pay for itself but pay for the cost of the money while putting cash into my bank account each month. 

What out of state areas have you considered?

I was told by a local experienced investor that insurance companies will always go cheap with paying out to contractors in the event a property needs to be rebuilt. 

Check out the federal rules as there is currently a ban in place for most foreigners to buy in Canada. 

House Hacking Strategy: Living in one unit while renting out the other(s) is a smart way to offset your mortgage.

Too many to discuss here.Seriously, you need to have a conversation with the seller to find out the things you need to know.