2) If a property needs to be updated (ex: new floor, paint, fence), how should I go about incorporating language into a deal that allows me to make the updates I need while providing me with the proper protection financially and operationally?

It takes the IRS a long time to catch up with people sometimes but when they do, it likely would cause a vacancy.The main question here is do you have an established criteria for vetting tenants and if so, does she meet the requirements?

Properties that are in need of major renovation that cannot be rehabbed gradually will end up trading at a substantial discount,  having to account for costs of the rehab,  more of that cost needing to be paid up front ahead of increased returns, much longer period for rents to catch up to market,  and more costs regarding permitting, tenant relocation, etc. 

I’ve got my eyes on some new construction condos in Calgary as they’ve got lower condo fees and Should require little maintenance.

If you're planning to refinance in the near term with a private lender, that needs to be considered as well (they won't turn a blind eye to the rent amounts).

You don't have to actually incorporate to file Sch C.

Has anyone that renting a house tried to air b&b the extra space without the landlord catching on?

It’s the preshowings that are problematic, if one person shows it and makes a full price offer can I really look my seller in the eye and say this is the most the market will bear?

Well keep an eye out for SFs with basements, garages, or even better detached garages, that you can live in and rent out the rest of the house.

We already have our eye on a third deal that we are wanting to make an offer on but fear we won't be able to refi the current house thats is under construction if we purchase a 3rd.