Hi, Frank, if the seller only has one year of income and expense data, how can we figure out the right number to purchase?

Revenue is not profit though...you have additional expenses in STR (close to 50% of OpEx) due to cleaning, vacancy, and supplies.

Assuming FHA or VA loan at lower rate , although I need to cover current equity in home?

I'm hoping this can allow me to change my rate and snag a lower interest rate.Not sure if this is possible or not, but I can't find information on it anywhere. 

All rental income should be deposited into this account, and all expenses related to the rental property should be paid from it.Accounting Practices: Maintain separate books for my personal finances and the LLC’s finances.

This causes at least a second trip charge from us, resulting in more expense for the owner for something that could be easily diagnosed and repaired with parts we stock on the service van. 

Gain = Sales price less expenses less adjusted basisAdjusted basis is purchase price plus improvements less accumulated depreciation.

Initially I was planning to establish an LLC for liability protection, but after several consultations with different law firms, entity structures seem more complicated and much more expensive than what I need just starting out and with and no real wealth to protect. 

Real estate in Canada is just way too expensive and impossible to get positive cash flow. 

Typically in those types of arrangements when money is coming in the door it goes to the money partner first to lower their balance as you are splitting profits not income.