But IRS allows an IRA to be invested in anything except life insurance and collectibles.

Our entire network of agents, title companies, insurance, conventional lenders, private lenders, and many others come together to make this an enjoyable experience.

Payments $492 (interest, tax, insurance) currently owe $51K.

Right after I closed on that one the insurance company demanded I make a couple thousand dollars of repairs.

There are opportunities out there but some strategies are risky. 1 - Airbnb (STR) comes to mind - very competitive, very saturated and becoming highly regulated.2 - Most STRs are transitioning to MTR so that market will be saturated soon if it isn't already.3 - Insurance crisis in florida is getting bad so those costs will eat up cashflow and short term appreciation.

Rents may be high, but where are taxes and insurance.

Just remember if you want to purchase another one you will need to refinance at an 80% LTV as you can only have one CMHC insured mortgage. 

You mentioned gross rents of $3400 per month and Principle/Interest/Tax/Insurance of $2500 per month. 

-Paying all the taxes, maintenance and insurance-Finding a renter-Worrying and wondering each month if the tenant will pay on time-Fixes/repairs-Other? 

Also, keep in mind if it causes an undue burden on you or is too costly you can deny them. for example, if your insurance company says that dog breed is on the ban list then you need to find out how much it will cost to insure them. if the rates go up because of the dog then you can deny them based on the undue burden.