I have always been interested in the buy and hold concept strictly because I love the idea of passive income.  

Our city is very strict and tenant friendly, and I know from experience that property managers don't choose with the same level of care that I would, myself.  

The only problem is that the IRS is very strict with these types of structures and I'll only be able to use the funds for flips.  

Not something you'll have to be concerned with in the short term but banks that sell their loans to Fannie Mae will only let you have 4 mortgages total, unless you meet their more strict requirements for up to 10. 

Don't forget that part of a price cover  costs not strictly related to square footage like insurance, the time for acquisition, and land fill fee.

Again this is strictly in the Edmonton area.

When we were buying our property, my wife signed off on sole and separate property to me because at the time we were on a strict timeline and we didn't have the flexibility of being able to have all the necessary checks the lending company wanted to conduct on her.

Not necessarily a strictly commercial broker dealing with large apartments but someone with the 2-4 unit niche. 

One thing good is that the municipality it sits in has occupancy inspections for new occupancies and they are fairly strict, so it had to be fairly decent when she moved in .

Some would say I'm too strict or not flexible.