Also, how much did the electric and plumbing fixes costs?

How much upfront costs are typically involved in a project before you know if it's a viable project to pursue? 

Given the latter costs, a corporation can be the best solution only if you buy multiple properties.

Evicting them, even after purchase, could be a lengthy and costly legal process.

Though if an individual were paying for her or himself, I’d say go with the home-study version for a fraction of the costs of the live seminar….

The primary risks at this point would be       1) to your lender, the risk of a margin call.       2) To you; underestimating the true cost of a project and cost overruns      3) To you; legal risk of securities regulations if you partner looses money. 

You don't need a mortgage broker, just a reputable, competent direct lender that will ask the important questions upfront to properly screen your deal.

Even still, it could be said that I've still lost money due to my time on the tools instead of prospecting as a real estate agent (the cost of lost opportunity).If you can truly do 80%-90% of the work yourself (at acceptable quality levels) and you aren't sacrificing your time where you can get better returns for your efforts, then yes, it can work even up here in Canada.

Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620 (approaching 22% probability of default), many blemishes, but should have no evictions in last 2 years.

However, your lending choice will ultimately determine the best route, as rehab costs may consume a portion of your $50,000 investment budget.