If you haven't done so, get a caulk gun out and redo the sinks, tubs, windows, doors, trim, etc.

If you put pen to paper and do simple arithmetic, how long would it actually take you to equate the same cash using the rent & hold method.  

I'm not sure how Canadian appraisals work, but they could use the "income approach" as an easy method of showing how much more the place could be worth.Here is how I look at your numbers:You are spending $70,000 to renovatedAn extra $835/month (post 10% PM fee) is headed for your pocket12 x $835 = $10,020 per year10020/70000 = 14.3% cash on cash returnI would not invest in that because I like my money to be making 15% in RE investments, but if your minimum is 14.3% or lower, it looks like a good investment.

Congrats DeAdria Wright-Davis .This is actually really helpful to me as well, because I can put an exact number with the methods you're using and compare to prices in my area.

Patrick/Jason,Excellent work on the project, I'm working on an older property right now myself and while I'm going less contemporary on the millwork and cabinetry I'm using some similar techniques opening the ceilings and reworking the exterior trim package.

But if you're struggling to get by these are faster and easier than any method of earning extra income.And look for ways to generate income.  

An under capitalized borrower, one where the simple payment of $604.40 is what is actually sold to the Vendee/Buyer (common method of sale), may not be able to come up with the required money to capitalize the repair.  

Obviously the wise investors have methods in place that are profitable in either local or long distance areas.

I've been researching different methods for my next property, short sales, reos, tax deeds etc.  

The easiest and most cost effective method of removal would be a contract to leave while paying (although it feels like you're getting taken) the 'tenant' a small amount.