This is a self directed RRSP or TFSA account that allows you to lend your money out to people with the backing of their mortgage for a high interest rate. 1st, 2nd, 3rd mortgages, down payments, refinances, flipping or renovation money.

That leaves $400 to cover taxes, maintenance, vacancies, etc.Now, let's pretend ALL your expenses come to $2,600 and you have $400 left over.

At least you'll probably get most of your money back when the deal gets refinanced or sold.

STR seems to have better tax benefits (in the right market) but is it worth it at a distance ???

I am looking to purchase real estate for both investment purpose as well as to offset as much tax liability as possible. 

Any tax pro who is familiar with REI will be able to help you.

I learned so much from the course and PCS, and I'm claiming all of my cost on my taxes.

I am using the tax benefit along with the principal pay down and appreciation to offset.

If I can park the 388k ($415-27k) for one year at CD rate of 4.5% and then est 300k (after paying cap gain/depr recap) at 3.0% (assume CD rates lower) that interest income of about 24 months net of ordinary income tax is about the same as my current mortgage.Trying to play devil's advocate and think why selling this year does not make sense. 

@David R Pustelnik recommend you first focus on raising the rent for the first time in 10 years.By the way, how much have your property taxes and home insurance gone up since this tenant moved in?