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Identify target neighbourhoods with strong rental demand
Research vacancy rates and average rents in the area
Calculate gross rental yield (annual rent / purchase price x 100)
Estimate cap rate (NOI / property value)
Get pre-approved for investment property financing (20-25% down)
Model at least 3 scenarios: best case, expected, worst case
Review all existing tenant leases before closing
Decide: self-manage or hire a property management company
+ 19 checklist items total
Market research
Identify target neighbourhoods with strong rental demand
Research vacancy rates and average rents in the area
Check planned infrastructure and development nearby
Review historical appreciation trends (5–10 year data)
Property analysis
Calculate gross rental yield (annual rent / purchase price x 100)
Estimate cap rate (NOI / property value)
Account for ALL expenses: mortgage, tax, insurance, maintenance, vacancy
Verify legal rental status (zoning, permits for secondary suites)
Request current leases and rent amounts from seller
Inspect mechanical systems (HVAC, plumbing, electrical) thoroughly
Financial due diligence
Get pre-approved for investment property financing (20-25% down)
Model at least 3 scenarios: best case, expected, worst case
Budget for capital expenditures (roof, HVAC, appliances)
Consult a real estate accountant about ownership structure
Closing & management
Review all existing tenant leases before closing
Decide: self-manage or hire a property management company
Set up a separate bank account for rental income and expenses
Create a system for tracking income, expenses, and receipts
Get landlord insurance (different from homeowner insurance)
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