At this point its still up in there air, the bill is being bounced back and forth from House to Senate and back.

Property values in the area are flat (It's a town an hour east of Ottawa Ontario, an hour west of Montreal of around 10,000 people and there is no growth happening) so there is no real chance of appreciation on the property. 

Next: A possible Senate vote.Any thoughts on this?

Next: A possible Senate vote.Any thoughts on this?

Both the House and Senate tax reform proposals would change the holding period requirement for the Section 121 capital gain exclusion on the sale  of a primary residence from 2 out of the past 5 years to 5 out of the past 8 years. 

I did not see any SE tax in the Senate Bill like there was in the House Bill.

It depends on whether the House or Senate win out on certain aspects, but it could be good for investors.The House bill taxes all passive investments at 25% (rentals are considered passive, unless you are a real estate professional as defined by the IRC).The Senate bill gives a 23% deduction on the flow through income of sole proprietorships, LLCs, and S-corporations.There is a lot more to all of this, but those seem to be pretty good changes for investors.

If the tax bill is passed this will likely change to 5 out of the last 8 years, as that is in both the senate and house versions of the tax bill.

Doubtful you will achieve long term positive cash flow in Ottawa buying without upside.

I own two single family homes right next to each other in a small town outside of Ottawa, Canada.