I do not know your financial situation, but what is $700/month to you?  

@Byoung Bae would NOT recommend an inexperienced investor try to DIY manage OOS anything other than a Class A rental.The odds are against you and you will statistically lose a LOT of money.Read below for some friendly advice:-----------------------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

What financial targets do you have?  

This gave us peace of mind and ensured that any unexpected incidents wouldn't result in major financial setbacks.These two choices have played a crucial role in optimizing our STR strategy, balancing profitability and protection.

Quote from @Kailas Tare: When deciding which market segment to target in real estate—whether it’s multifamily (MF) properties or single-family homes (SFH)—it's crucial to consider the dynamics of the competitive landscape and your own financial position.

That truly determines the successful from the unsuccessful, making it happen despite all the odds against you.I have a similar story of finding real estate and achieving financial freedom over the course of 4 years, going from 0 to over 300 doors.

The financials section is just what every investor needs.  

If you notify your lender, they are obligated to say "no".

@Jordyn Ohs Suggest you run a financial model and assume 100% vacancy.

Meet with financial advisers/wealth managers and see what other options other than real estate there are and how to best allocate / diversify. ie have you maxed out your TFSA?