I agree though that something like an unexpected military obligation would be along the lines of one of the only good reasons to break a lease.

Not creating a new electric outlet, using the outlet and rewiring to new location through concrete ceiling.What are the implications of not getting electric permit and doing the job anyways down the road?

Biggest thing to decide is how you will be paid and what tax goals or outlets you are looking for.  

Since you are not in the business, it might be better to budget a small loss over a short period if time, rather than several unexpected large lump sum losses.At least that way, there is an out, and a light at the end of the tunnel.If it were me personally, I'd redo the entire house.

We thought we were buying in a lateral market, so that was unexpected. 

Check and see if another building supply outlet in your area uses a different supplier.Regardless you need to use laminate in rentals.

Since things happened unexpectedly and sooner than we planned for, we are trying to figure out what to do with our place here in Imperial Beach.

Hopefully you have something saved up or accessible credit elsewhere for unexpected things that come up.

The STR is something we can use / enjoy and also gives us a creative outlet of sorts.

You'll have a hard time cash flowing (cash flow is not equal to $100/property, which is barely enough to cover unexpected expenses/vacancy) in the GTA because the market is over priced.