Understanding the neighborhood and the level of upgrades it can sustain.

The carpet has been soiled and they hired a carpet cleaner, but some of the spots are coming back. the wood floor on the first level has also been scratched and their is a slight urine smell.

After that, I kept my expenses lower than my income, reduced my workload to human levels, took many small trips, several large trips and cared for my grandparents until their passing. 

I tell prospective renters, "The sound travels very easily between levels.

@A Xiong I don't know your experience level, but based on the fact you asked about "how to find renters", I'd say your first move is the read a real estate investing book such as 'the book on managing rental properties' by Brandon Turner.

@Andrew Syrios you’re definitely right, it’s a higher deposit than that level of tenant would normally have to put down.

Unless these were bottom level college rentals.

A college level course like Columbia College is a good start.

@Edlen Oira Toronto and the GTA can be really hard to find entry level income producing properties that cash flow well.

When you refinance, you might not increase cash flow if the value of the home increases significantly and thus the debt service increases to a level that would eat into overall cash flow.