They planned to buy a large apartment house and operate it through a property manager, providing them a nice cash flow to supplement their other retirement income.

You would have a property that would be doing something for you beyond supplementing your new jumbo loan.Last thing I'll say is this.

Allows a senior to remain in their home, receive monthly payments during their life to supplement SSI and other income, and home is sold at death.

I recently finished law school, and would like to use any cashflow from future real estate holdings to supplement my income from my day job as a lawyer.Since I don't have any plans to leave my day job (in energy law and policy), I think the buy-and-hold strategy appeals to me most.

I'm also supplementing that with a home warranty.  

My future goal is to supplement my passive income through property management (I manage all my own properties) and short term flips.  

I don't plan on investing until I have made enough income from my job for a downpayment, but at first I plan on using real estate to supplement my income.

The sellers are a retired couple that will use the home sale to supplement their pastor's retirement.

I'm currently interested in getting started in buy & hold real estate investing to supplement my retirement in 5 years. 

I would supplement @Russ Seiler's endorsement with a word of caution and a recommendation that you review any "creative tactics" gleaned with a tax accountant and/or attorney before putting them into play.There are still a number of "Rent to Own" providers in Canada who are operating in a manner that is "grey" and out of step with CRA publishings.