Tax structures and mortgage regulations might also shift as canada mortgages are very different.What do you think would happen? 

That month he claimed to make a gross profit of $292,590.

Also the school districts have been increasing property taxes in A LOT of investment properties thus eating some of our profits. 

Can anyone recommend software which would accept monthly payments (from me to seller) and create proper 1099 forms for tax purposes at year end? 

I would reinvest in a another property and use a 1031 exchange to detour taxes.   

Has someone started like ME claims cashing out his 401K?

Chat with them, and ask them where they find their guest (Airbnb, Furnished Finders, Insurance claims, etc).

. $500,000 was tax free due to being married.  

You have the mortgage, taxes, insurance, maintenance, capital expenditures (roof, flooring, etc.), and also need to consider the cost of vacancies or bad tenants.I also recommend you charge market rate, for yourself and the tenant.

Purchase price: $2,800,000 Cash invested: $560,000 The property is a three-story multi-family residential building with six independent units, initially facing significant challenges due to poor conditions.Renovation Investment Summary:- **Structural Repairs:** $250,000- **Kitchen Modernization:** $100,000- **Bathroom Updates:** $50,000- **Exterior Improvements:** $100,000- **Holding Costs:** $50,000- **Property Taxes:** $30,000- **Insurance Costs:** $10,000- **Management Services:** $10,000