Landlords that do not quickly adopt this mentality are targets for the vast number of professional tenants in Ontario.

Don't mentally kill/write off this deal because then it will be gone. 

:  My parents are the traditional "Poor Dad" mentality and I would like to make this mutually beneficial for both them and I.  

On the other hand, you definitely have to consider what other investors are thinking and what their mentality is about buying and how much the 70% rule is ingrained in us.

People tend to get mentally lazy when they use someone else’s spreadsheets and not understand the logic.  

That mentality is baked into the culture in both Flint and Detroit in so many places it's not funny.So, if your population can't read, has no idea what professional behavior looks like, and has a cultural aversion to working harder than the other guy (lest you take his job) you aren't left with much.

Maybe the tenant has a mental health issue and it's not true??

Proceed with caution my friend and make sure you are able to mentally let go of control as a limited partner.

That is the mental attitude. 

As a matter of fact, I feel lonely since I moved to Canada twelve years ago but what gives me mental energy and makes me move forward, besides my family, is my passion for RE (in US).