We signed a lease the first year and the lease stated that after a year it could be renewed or you could go month to month with a 10% increase.  

My original point is that we should not create a system to increase the burden on middle class people who really want to build wealth.

The home is in very good condition however ever it is very outdated.

I would make sure you button up the sale docs and ensure that you are not only secured on the sale but make sure that your docs give you an opportunity to monitor the continued conditions of the building.  

In fact, depending on the state you are in, it can increase your taxes. 

You build wealth by increasing income and minimizing expenses.

I would love to offer my "boots on the ground" to those who are more experienced to increase my knowledge of how to play this game.    

@Jay Hinrichs The property is pretty steeply discounted, and is worth 430k in its current condition.

When you hold a {rental} property in a corporation, income is taxed at the highest corporate tax rate - which increases the benefit of claiming the CCA deduction each year and mitigates the punitive aspects of the recapture.In addition to how you hold property, the length of the hold will also factor into whether you claim the CCA deduction; claim the deduction for a few years than stop; or do not bother to claim the deduction at all.  

Rents are at an all time high right now and are continuing to increase.