Purchased for $69,000, it needed a full rehab, including a new roof, plumbing, and modern updates inside and out.

You can also write off expenses such as property management, insurance, repairs, etc.

This ensures a clean transition of ownership and responsibility for insurance purposes.

Assuming property taxes + insurance added don't go above $1,100 total, you could maybe make this work. 

@Diana Teng there are a LOT of potential pitfalls:(So, it's vitaly important to not just find someone that you think you can trust because they tell you what you want to hear, but you find someone that their processes seem a good fit for what you want.EXAMPLE: we do BRRR Turnkeys for clients and take numerous vides we share with them - initial, worst state of any demo, when HVAC, plumbing, electrical update BEFORE walled in, before any major payouts and of course a final walk-thru video.One thing that's accurate from all the HGTV renovation/flip shows is that you should expect and plan for surprises!

How about the increased home insurance cost for a landlord policy?

You payment is $2,600 plus tax and insurance.

The right agent will have worked with Canadians before, will have lenders set up that can work with Canadians and will have a seamless process for management.Not only can an agent set you up with a GC, property manager, lawyer, insurance broker, inspector and everything else you need, they can analyze deals and put numbers in front of you.Your job as an investor is to vet the vendors they are providing and double check their analysis.  

While shopping for home insurance, I kept receiving higher premium quotes.

That (and insurance issues) are two big risks.