The second risk is the tenant already in place. If a suite is occupied, the Residential Tenancies Act, 2006 governs that lease and limits how quickly you can end it after closing, so inheriting a tenant is not the same as inheriting an empty unit you can rent out on your own terms.
A $400 to $600 home inspection should specifically check the suite's egress windows, separate entrance and fire separation, not just the main house, since a lender's insurer can decline to credit the rent if any of those items fail after the fact.
Confirm the permit, confirm the tenancy and confirm the inspection covers the suite specifically, in that order. Get your hand-reviewed valuation from Joel Dyck.