1) Always talk to The Mortgage Associate at TMG Saskatoon first to get a true picture of your current financials. There are many options for mortgages and The Mortgage Associate at TMG Saskatoon can go over all of the options as well as recommend real estate agents that he works with who can help you out.
2) Look at the big, future picture- most properties only increase in value. This is especially true if you put some renovation work and upgrades into your rental property. The Mortgage Associate at TMG Saskatoon as well as his real estate agents can shed some light on how the market is expected to go as well as how the renovations you plan to do will increase the value of your property.
3)Renovation and upgrades cost money- not only do you need to be prepared for the initial renovations and upgrades that you may do, but as well you need to expect that there will be future ones as well. Everyone wants to believe that their renters will take care of the home just as they would, but more often than not, this is just not the case. Things get outdated and need to be replaced, and accidents happen when you least expect them to.
4) Learn as much as you can about being a landlord- make sure you look into any laws that go along with renting and being a landlord. Have a solid lease agreement that you stick to, and screen all of your applicants. Good tenants are worth their weight in gold.
As with most things, there are pros and cons of diving into owning a rental property. However, with help and advice from professionals like The Mortgage Associate at TMG Saskatoon, there is no reason that your new venture can't be successful and profitable.