2% isn't totally mythical, but you have to buy very discounted and not over improve.

(Located about 45 mins outside the GTA)1st Condo  = $120,000 CAD         2nd Condo  = $130,000 CADRent paid =  1000                           1000Expenses Condo Fees =    290                        290Property Tax=   100                        109Mortgage =        540                        590 Total =                930                        990This is a basic cash flow for the 2 properties I put together quickly and I believe rent could be increased as basement apartments in the area go for 850-1100 and condo's go for around 1100-1400. 

Income is strong, but there is opportunity to improve upon the current rent role with a few thousand invested in a basic clean up.At the risk of sounding like a total newby... 

Remember - you are investing, so none of your risk can be totally eliminated. 

If you're gone the majority of the week, I recommend you have property management or someone you can rely on to take care of things when you're gone.

What do the total revenues and expenses like? 

FHA also has a rule called “Net Self Sufficiency” meaning the total mortgage payment must be less than the total rental income on the property.

Do not rely on it as legal advice.

As far as someone said my area is a great place for rentals I totally agree!

Because I am not currently seeking employment, I was hoping to rely on my father and his leverage to help.