Sounds like you (or prior owners) failed to mitigate damage by allowing this to occur over a long period of time.

Worth area a great market to own long term rentals.

It hasn't happened since but I usually have to have my plumber out every couple years when the back house starts to report issues with their sinks and tub not draining well.At this point I'm trying to decide if I should go ahead and redo the whole system while we're out there and consider it a capital improvement benefit that will last for as long as I'll own the property. 

Critical Update: Waiting too long for the Fed to cut rates could significantly impact your approval chances.

You can use your RRSPs for the actual purchase (when you buy the property from the rent to own company) without penalty as long as it's your first property using the Home Buyers Plan.My question would be, do you have enough to get to a 5% down payment with using your RRSPs and qualify to buy a home on your own? 

Critical Update: Waiting too long for the Fed to cut rates could significantly impact your approval chances.

Now If we rent our upstairs as a long term unit (for less vacancy), we estimate to be able to cash flow around $800-1000 depending on vacancy. 

Real estate is a long game, and getting a good asking price when the demand isn't as competitive because most people have similar thoughts to yours - might be worthwhile to take on the investment.

There are exit strategies (long and short) baked into every property.

Hi All,  I have a single family home that has been a long term rental I am weighing thoughts of cashing out vs renting it again as tenants vacate end of this month.