It can take 2-3 months before payments get approved. 

Now purchasing a home with cash is always good b/c obviously cash is king but also I think the part you might've missed is that, the money your utilizing on these home's won't actually be yours, but the banks or whatever institution you used to fix the home or make its value worth more.

Alternatively, if you’re using QuickBooks Online with a plan that includes the "Payments" feature, you can collect rent directly through QuickBooks while staying on top of your bookkeeping

You only need a place to track tenant information, payment history, maintenance, etc.

Indeed as Stevo mentioned, there are no Canadian versions but it still works, the only difference is the mortgage interest rate is compounded monthly in the USA vs semi-annually in Canada but that doesn't make a huge difference in payments.

Once you’ve set up and marketed your rental, use the cash flow to scale your portfolio over time.

We've done demos with all of the big name PMS options and are finding big gaps with all of them, mostly when it comes to payment processing.

But then I am still stuck with the monthly payment of $180 a month. 

@Vinny MuliIf you have equity built up, can you do a cash out refi?

I just did one for like 28k, was a little short on a closing cash purchase.