What you should focus on, along with the repairs, is can you drive the rents up to a point that will produce the value where you need it to be. 

I personally sold real estate and bought other income producing properties using the 1031 Like-Kind Exchange process back in the 1980s.

(Personal service includes the fields of health, law, engineering, architecture, accounting, actuarial science, performing arts, consulting, or any other trade or business in which capital is not a material income-producing factor.)7.

@Rosa AponteYou're going to want to get professional advice at some point along the way.It may be a general partnership, like Ashish noted, if the activities rise to the level of a trade or business, and you have a profit sharing agreement (either verbal or written) in place.If the activities don't rise to the level of a trade or business, the answer will be a little different.If you're jointing holding investment property instead of dealing in property, the answer may be different.The key is having a professional advise you what positions are available, what positions are defensible, and which are most advantageous, taking into consideration your facts, circumstances, and goals.A general poll of the uninitiated isn't likely to produce much actionable advice here...IMHO...

You can network with everyone for free and produce the same results.

I am a season agent through and a top producer. 

Waiting may not make anything change.Whilst I likely wouldn't double down on a second property in Ft Mac at the moment trading into something that can produce results now since as mentioned - you need to live there - might be a solution.It comes down to the long term numbers in my book - you need to project out (conservatively) all of the numbers and go with what works best for you. 

If you want to purchase income-producing real estate, I would consider doing it in your 401(k) or your IRA.

These rules will help you make money, in my experience, even if markets go bad for a while as they often do: 1) Learn how to present your ideas, communicate, sell, negotiate both verbally and in writing and both one on one and publicly2) Know your math, wealth is a skill based on numbers, so know current numbers, expected numbers and cost plus time to get there3) Know how to organize, prioritize and focus on the macro as well as the micro steps by truly observing and analyzing to constantly shift and adjust as needed4) Know how to stay healthy, alert and energetic to produce productively and be effective efficiently to get more done in a unit of time based on the 80/20 rule5) Network strategically time exchange in abundance with powerful well connected allies who can show you the short cuts that you can duplicate, leverage and scale6) Master the creative process and use your resources in a resourceful manner to get started, build momentum, grow and contribute to the greater good

@Mark ElderThe concept you outline is going to produce a self-dealing prohibited transaction.