This also opened up space in the mechanical room that is now one of the bedrooms in a 3 bedroom unit.

The numbers look ok but that can vary GREATLY based on the ares, the age of the building, the age of the major mechanicals, how much work will be needed once a tenant moves out to make it rent read and other misc variables.

I'm a mechanical engineer currently working full time in the utility industry.The more I read and learn, the more I'm realizing that my next move would be to invest passively to gain experience for future investments.

My post was more along the lines of things that might not be so obvious other than 50% for expenses, and check mechanicals for serviceable age remaining.

Getting the license will first help educate you on real estate, second allow a mechanism for you to make money from real estate. 

I've joined the two major landlord Facebook groups for Ontario and it's been an eye-opening reading experience.. the mechanics of screening tenants such as verifying income and credit are still a total unknown to me so I appreciate your advice.

A roof or major mechanical replacement is not all the sudden less because the property costs less, so the % marker gets majorly skewed.When you inspect the actual property you will have a better idea of what to have set aside for Cap Ex and other reserves like repairs and vacancy.  

Don't make the mistake of thinking that flipping a house is all about the mechanical aspect- it's as much about the logistics, people management, design, and marketing.   

Or, in the case of moving money; he who controls the mechanisms by which money is moved wants to know why you're using his systems to move your money.  

The mechanism for taking unreimbursed employee expenses was on Schedule A of a 1040.