Yes, I anticipate that any bidding with a party who intends to be the primary resident will exceed my "investor's budget". 

Or sell current home and roll equity into new primary residence?

We are FI-minded and although this will be our primary residence for many years, we have an *investment* mindset and would like someone with similar values and visions to help us decide on the best property. 

You should reach out to @Elliott Milek, he's a savvy cross border accountant who also invests in US real estate, and resides in the Ottawa area.    

My suggestion would be go on your overseas tour, save up , continue your education  and when you get back try and find a small multi (2-4) unit that you can house hack and rent our your current residence .   

Residents were a mixture of leases and month to month tenants.

We have informed the tenant that they should look for another residence as this will take some time to fix. 

Has anyone ever used it in a residence?

Pen Fed has a rule that if you have 4 or more properties in your name then they will only do a HELOC on your primary residence. 

Here in Florida, attorney's fees are statutorily recoverable in all residential tenancies and even seemingly minor noncompliance by a landlord can produce a dismissal of their eviction and a judgment for fees against them, despite a non-paying tenant residing in a rental.This is not legal advice and does not create an attorney client relationship.