A judge can order one party or the other off the title but he can't alter the loan.The net-net is one moves out but both remain legally responsible for the performance of the note until the property is sold or refinanced.There is no requirement you alter the lease to remove him.

I would like to be right though because this information would likely benefit the alter ego of mine - the landlord.

If you own property in the U.S.A. either directly, or via your Canadian holding company, you will have to repatriate the earnings which translates into paying the withholding tax (30% in most instances) to the IRS and then paying the delta, between the amount withheld and what you would be taxed in Canada on the full earnings, to the CRA.

I am familiar with proforma creation and utilization, in addition to receiving a certification from George Mason University for project management with a focus on feasibility.While one would think these credentials are enough to translate into a successful independent career, I am having difficulty translating a limited and basic commercial real estate experience into the experience needed to begin with regard to real estate investing for myself.

Do some evaluation; most simply lack the ability to know how their strengths and/or needs translate to achieving their personal and/or professional goals. 

It is easy to do on average using some rules of thumb, but as you stated moving these larger cash flows forward or backward 5 years can alter your analysis significantly; especially if your investment duration is under when the cash flow would occur2.

That translates into a decent return.

Many investors have used your strategy and at some point they alter that strategy to start accelerated buy down rather than refi.  

Alterations in buildings built before 1978 are generally (if not always) regulated by the EPA:http://www2.epa.gov/lead/renovation-repair-and-pai...If you simply want to know whether the building has lead paint in it you can purchase lead paint test kits at Lowes and Home Depot.You'll also have state specific regulations governing remodeling/renovating activities and licensure.

Just because they do not take cash directly does not mean they do not take work and time which in my eyes translates into cash in the end anyway.