Any tips or life advice will be highly appreciated.

If it's closer to $1200 than $1100, it might be worthwhile to see if you could offer them $500 + their security deposit back (which you'll probably have to return anyway if the previous owner didn't keep good records of the move in condition, which most don't) and see if they'd be willing to move out. 

Nothing in life is done with 20/20 hindsight. 

Under those conditions, and based on your relative level of experience, you probably need an attorney.

I`m currently Living in the southern Ontario and looking to make my first rental Property purchase within the next six months, The last four years Homes have skyrocketed in the golden horseshoe area. With home prices ...

For underwriting, it is total cost (purchase, renovation, holding costs, closing), then looking at the ROI/IRR over the life of the project.

Once you find out which zones allow medical or not (and some will allow it only through a Conditional Use Permit so it adds a little bit of cost and time but opens up more areas) then you can focus on what areas you want to start looking to purchase land.As for costs, medical is very expensive.

CoC about 10% avg, business plan is to hold it for 4-5 years and should be able to double everybody's money by the end of the life of the project.My question to the group is about the interest rate.

you gave 3 numbers and no other details (where, condition, comps, etc)I'll give you an equally simple answer.

It's in a really bad condition.