If you don't have experience, hire a public adjuster. 

Long-term rentals in single-family homes might not yield as high a return as short-term options, but they offer stability and lower management intensity.

That's why they keep having to adjust the clocks with leap year and at other times as well because these rules of thumb are not perfectly accurate.

@Alex SilangFirst I assume it’s a month to month lease as you cannot raise it if it’s a long term leaseFor me that is not something I would do, If you want to raise it to market rent then do it, don’t adjust rent because you had an unexpected cost.What if they turn around and walk?

You’ll have to adjust my US numbers to figure out how it works in Canada.

Just go through them, select the renovated/closely matching ones, and enter them into a model.Here's my fix & flip model, you can see the comps entered and some quick stats below them: Then I use that comp data to adjust the Sale Price in the model to what I estimate it will be (double check the resale $/sf is in-line with the comps), then adjust the purchase price until I hit my desired return level. 

That being said you can make that kind of money with fewer properties but you would need to do more intense work and higher risk Short Term Rentals, co-living, or Section 8.- My Strategy: I'd like to buy and hold residential rental properties.

An investment forum would be better for this post.With that said let’s look at these two but also let’s look at Risk adjusted.  

Just make sure your attorney reviews it and make all necessary adjustments prior to signing.

After doing quite well in the CT market space, I’m finally starting to adjust to the Ca market.I think it’s key to be in the know about off market deals, for both your primary and investment.