Seems very limiting for the investor.  

Repairing to sell might recoup some costs, but given the market and your limited funds, selling “as-is” is likely the best option to minimize further losses.

If your goal is to grow faster, buying rent ready properties isn't the usual way to do that if you have limited funds to start with.

Pretty much everything I have seen and read is:Find out the sellers motivation/problem and speak to solving that issue.Give an offer but explain how you got your numbers.Other than that, it seems pretty limited for negotiating information. 

Limited capital means that partnerships will help us move faster while the environment is profitable.

You are limited in your options if something worse should come along later, such as a large investment going bad.If $10,000 CDN is a show stopper for you, how do you expect to manage a $600,000 CDN property? 

But in my imagination it seems like a good way to create some prime real estate in the city limits.

While cash flow can be limited within the downtown area, there are still excellent opportunities for cash-flowing rentals in surrounding regions.

Certainly more options because you are no longer limited by imaginary boundaries of traffic and time.

That's Property Management 101.If your PM didn't have this lined up and didn't make you aware of this limitation upfront, that's a red flag.