(In circumstances as the Manager shall deem to be an emergency, the Agent is authorized at the expense of the Owner, to make or cause to be made such repairs and/or alterations to the Premises as may be advisable or necessary without the $250 per item limitation set forth in paragraph above.)Legal Proceedings.

Mind you, I dont want to see anyone financially devastated by taking away their life saving but I also dont want someone to drastically alter mine.

If you say: I'm buying a product to alter and re-sell for profit.

For example, in a market with a 6% cap rate, a $10 rent premium translates to $2000 in additional property value. ($10 per month * 12 months)/0.06.

So you have 30k down payment for 2 houses, but you want to purchase 70.That would translate to 1,050,000 needed for down payment.Where are you getting the other million dollars need?

I'm a little uncomfortable rehabbing and refinancing on only my second property, but I'll do it (as cautiously as possible) if it's clearly the best way.Side note - I know Brandon has a book on investing with little or no money down, does it translate well into the Canadian market?

Investing out of state necessarily means hiring a property manager, which automatically translates to “lost profits” you could have kept if you would have managed them yourself.  

I would advise to not look at the CoCR and then start adding in other metrics, but instead use a number you are comfortable with for your expenses and stick to that for now until you have a large sample down the line to alter it. 

She accepted the alteration request that I sent which raised the price for the extra guest (we allow up to 4 with the base rate) and our pet fee.

Remember, if your management company is charging you 8% of your gross income, every $1,000 of rent you earn translate into $80 of income for them.