Cash is certainly king, if you buy land or say a duplex in the same area, more than likely any future appreciation will raise the value on both, but if there's a downswing the duplex should at least cover your expenses. 

Think millennials raising families. 

We've also raised lot rents from $280 to $300 / month.

I must think that will raise some flags. 

Net about 7kSo my ROI was about 28%Capital costs were 25 kCash on cash was 7k/50k = 14%My rent now is 950/mo so I assume that would raise cash on cash to about 18 %Your great teacher!!

My goal here is to fix up th e condo and raise the rent to market rates in this area of $750.00/ month.

It may be better simply to raise rent to a level that you find acceptable to mitigate what you perceive to be their drawbacks as tenants; although in a multifamily, you may have to watch out for the appearance that you are treating them differently than their neighbors.

Look for places where current rent is under market and then plan to do some light rehab/repairs after existing tenant moves out to raise rent.   

I'm contemplating ways to raise the funds for my first rental property.

Edmontonian here, born & raised.