Vancouver can be a difficult market to cashflow positive, so it's smart to consider other markets that may offer more suitable opportunities for investors.

If you go the Cleveland route, I would recommend looking at North Collinwood (the area off of Lakeshore Blvd.) or at Old Brooklyn... those are the two neighborhoods that are the most stable and will have duplexes that would be suitable to a newbie, especially as a live-in investment. 

A real estate agent specializing in investment properties can help you identify suitable opportunities.Analyze Deals: Develop skills in analyzing potential investment properties.

I don't have the property yet but I am looking for developable land/lots in these areas that are suitable for multi family units. 

IMO an IRR calculation is not suitable for what you are doing.

Around year 5 we will then sell the asset and 90% of the time unless you force a deal you can’t find a suitable exchange property to meet the 1031 requirements so rather than having a gun to your head we take our time and use the next purchase bonus depreciation to offset capital gains.

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Until we find a suitable tenant (and their lease starts), the tenant is responsible for the rent.

My ideal property would be within 50-120k price range, single family home suitable for STR, not far from the city center/beaches.

In my area, 6 months seems suitable.