You hardly keep up with inflation when buy properties for only cash flow.

the overall benefits remain great - mortgage paydown, tax benefits, rent growth, appreciation hopefully - but short term cash flow has taken a huge hit with the rise in interest rates. 

If the carpet is six years old and has a life span of ten years, then you should only charge them for four years of remaining life span.

Can I qualify for this purchase using my husband's income, even though he will remain in British Columbia while I relocate first with my kid to our new property?

Although this is technically inaccurate (I saw a case where a sheriff sale of this sort was challenged and the challenge lawsuit took 11 months, deed recording came after that), that is the typical practical waiting period to get the title insurance for the resale.Whatever the mortgage balance, that’s now your obligation to get paid off; before even bidding on any sheriff sale property you should have a good idea of any remaining mortgage balance(s).

The 20% (50k) would be your remaining equity in the property. 

You could alternatively hold the property for as long as is necessary to break even but when you consider the time value of money and how money today has a greater value than money in the future "breaking even" in a few years may actually be losing money because you've lost out on opportunities to do things with that money in the meantime as well as you've lost money to inflation. 

We're also able to evaluate our rates, and keep pace with inflation, on a monthly and quarterly basis because of shorter term leases.

Please make sure it remains on.”

If you take on the assigned debt and make a genuine effort to collect it, but it remains uncollectable, you may be able to claim a loss.