million in addition to their investors (who expect a reasonable rate of return) by keeping the rental rates at a fraction of the market rate?

Just like any market, it has its quirks on what to look out for and what to expect. 

As an employee of a MF Development Company, your boss will expect you to dedicate full-time hours to your job.

.- Cities like Toronto will levy another tax (Vacant Home tax) equivalent to 1% of the current assessed value of the property if the property is not occupied (rented, owner-occupied, family occupied, all count as occupied)- Land Transfer Tax: while the Province of Ontario charges anywhere between 0.5 - 2% of Land Transfer Tax when your transaction closes, you should expect to pay this amount twice if the property is in the City of Toronto .

Where we expected to gross between $30-40k, we are grossing $60k and generating around $2000 per month in cash flow.

After that, I expect very little.

It takes longer than expected when doing most of the renovation yourself.

Not to mention the economic development steps the town is taking in ensuring the growth of town (roads, schools, zoning) stays on par with the future expected population growth and new jobs that are going to be a result of the new factories opening.  

@Ofir R.Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

Speaking of which.. what’s your plan if the property needs more updates than expected..would you hold it longer, or look for other creative ways to make it work?