Also, many of these gurus are excellent at up selling you into higher ticket items.  

There's a lot to consider, like type of unit, contractors, etc. but after we get our initial investment back, the rental profit could be quite excellent. 

Looking to learn as much as I can and find a niche to excel in.

A lot will depend on how far they got with the plumbing and electrical, what was already permitted and inspected, and what was just abandoned.You will certainly need a GC to deal with the permitting and inspections.It could easily be $50k to $100k or more, depending on what has been done, what hasn't been done, and what has to be re-done.That being said, a friend gave me some excellent advice about estimating rehab costs once that I've never forgotten: "Add up exactly what you think it's going to cost, then double it!".

The house really is in excellent condition.

The lender may decide to retain the loan (in cases of excellent credit) or bundle, package and sell the loan to replace lost liquidity.

A solid read on investing in Canada is "Legal, Tax & Accounting Strategies for the Canadian Real Estate Investor" (Cohen and Dube).If you are willing to go cross-continent, there are markets with excellent cash flow, especially in MF properties.

Excel will come out and locate the leak for her.

Excellent, detailed post.  

Mark,Adrien brought up some excellent points.