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Can someone school me on purchasing an apartment and renting it out? I am currently in Alberta and in a smaller town. The apartments here are around 200-300k for either 0-5 years old. I was thinking of purchasing a two bedroom and renting it out which would yield around $1500-$1700 depending on the quality and age of the building. I have talked to some people and they said that it would most likely cover all or more than the mortgage payments. I am definitely new to this, but how would stuff work if I am not (in the future) in the province? Would I need to hire a property management company to help me look after the property? How do fees work etc etc?
It seems like a good way to hold my money and invest but slightly new to this stuff.
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