If so, your gain can be excluded if sold within certain time.

. § 704.29), you can withhold lost rent, as well as other listed reasons, such as damage to the property, excluding normal wear and tear. 

Nice part is if your insurance does not exclude animal liability (I'm seeing it more and more on many insurers forms) the lawyers is also paid by insurance.

My lease states (removed the parts not at all applicable):Deductions:(a) damages to the Property, excluding normal wear and tear, and all reasonable costs associated to repair the Property;(b) costs for which Tenant is responsible to clean, deodorize, exterminate, and maintain the Property;(f) unpaid pet charges;(q) cost to restore walls, flooring, landscaping or any alteration to the Property not approved in writing by Landlord; and(r) damages to the Property caused by smoking, including but not limited to stains, burns, odors, and removal of debris.Here's a photo of one of the door frames, for example.

Just based on the $6,500 in taxes and excluding the other unknown expenses (I know that's a bad idea), the NOI = $3,400 per year.  

Regardless, $10k seems like it would cover anticipated costs excluding carrying costs while rented (see below).

Great discussion about toronto, I am curious to know whats the average  return in % for a rental property in downtown core (City place ) or (Harbourfront) area, I know it's different from a property to another but  excluding appreciation just from rental income?

Now that I'm debt free (excluding my mortgage ) I wanted to get started in investing in real estate.

In addition since I wouldn't live in it, just manage it, that excludes some other sources that I know of.  

If you leave the rental unit unoccupied at any time while rent is due and unpaid, we may, at our option, take immediate possession of and exclude you from the rental unit, removing and storing at your expense all property found contained therein.