The issue was a person sold their home subject 2 and the person who bought it stopped paying.

nothing wrong with that at all as the property is being sold to 3rd party.

If I didn't have two amazing biz partners, I would have already likely sold it. 

If you sold it for $500K (after expenses) and invested it in a savings account (or some in a RRSP or TFSA-up to your limit), even at 4%, you'd get $20K a year.Also what province is it in? 

2024 was a banner year for our investor clients with eight prime Oregon Coast vacation rentals sold.

Not as many hotels in the area except next to some ski resorts but during covid it got crazy. we bought one for $25k at a foreclosure sale in 2015 and could not give it away in 2019 for $50k then in 2021 we sold it for over $120k. 

They eventually sold their business to another company and things were fine after that.All the others were easy.If you are going to switch, you might want to try that after a resident moves out.  

Back then, the market was more stable, interest rates were below 4.5%, and distressed properties sold at significant discounts.Today, distressed properties often sell at a premium, and cash-out refinance rates are above 8%.The best BRRRR deal I can find today involves buying a property with cash, investing in the rehab with cash, pulling out 75% of the ARV and breaking even on rent and mortgage.

You’ll see the appraisal that you may have access to and what it sold for was more than inline.

Do the math at a 6% loan rate.There's a reason many apartment buildings have been converted to condos and sold.