I took out a mortgage at ~7% and now simply burning cash.

The good news is, since its new construction, you won't have heavy capex or maintanence expenses, nonetheless, the cash flow on the property would be non-existant.

Rental property owners, did you know you can deduct expenses like mortgage interest, property tax, operating expenses, depreciation, and repairs?

A little background on the property ...My mom purchased it for $340,000 in the 90's in cash, no mortgage on the property.Now estimated at $1.2M as is.

80 - 100K CAD .... so about 50 - 70K USD (maybe cheaper as these sorts of things are more expensive in Canada.That has a hydraulic lift and included the construction of the shaftway.Of course ... you can spend much more[Note:  I originally included a rang of 60 - 80K CAD (25 - 50K USD), but going back to the quotes we had last year to bolt a 4-stop onto an existing 4-story apartment building, the range is more like 80 - 110K CAD]   The 60-80K was for a 3-stop solution at another location.]

30 yr fixed rate mortgage How did you add value to the deal?

FTC, California DFPI Case Leads to Ban Against Operators of Mortgage Relief Scam Home Matters USA | Federal Trade CommissionOffering to buy their homes and "Save their credit" or "Save them from foreclosure" could innocently put you in the state or federal regulator's crosshairs.

I currently own a property with no mortgage.

(not to be confused with downtown Kansas City, MO which is where most of what you know/hear about downtown Kansas City exists).  

I am tracking but think the very thing you are referring to is why Airbnb came into existence- to not be like hotels.