It has all of the instructions you need.You may only do this if:They are not currently in a term lease (ie, they are month-to-month, not under a lease that has yet to expire)You give 60 days noticeYou pay them 1 months rentYou actually intend to occupy the unitYou do NOT rent it out again for at least 12 months, even if your situation changes and you move out again.You can find the form here:http://www.sjto.gov.on.ca/documents/ltb/Notices%20...I also highly recommend you read the actual rules about it here:https://www.ontario.ca/laws/statute/06r17#BK65In fact, read that whole document if you're ever going to run a rental property.

What I am trying to determine here is a "rule" of my own to use when evaluating potential leads and if this is feasible. 

Second the reinvestment rules will catch ya.  

We have roughly $2 Million in equity today and generate enough cash flow each year to support our chosen lifestyle (which is admittedly pretty low key). 

Hello @Zephrina Cazaubon there is no market data on NPL activities like the companies that support housing, sorry

I’ve been told to ignore the 1% rule, but I’m sticking with it because it makes zero sense  to me to buy something that a) won’t cash flow well and b) is 30 years old and requires conservative repair and capex estimates.

This situation may related to the poor regulation or rules.

Since this is your first property, I would make sure that you like the area and the area can support good tenants. 

I want to thank this group for all the support, guidance, and the sharing of their experience.

I have found many older setups like this don't meet the current rules of one acre per septic system.