You have bigger fish to fry - namely, what sounds like an incompetent property manager and your negligence in properly managing your business (i.e. not renewing your umbrella policy, etc).

Which means some of us who made proper cash-flowing deals will be twisting in the wind if our tenants can't actually pay their rent just 'cause the company they work for is gone and no one else is hiring. 

Even the experts in the market look like CMHC do not always properly predict what will happen in the future however you could look up their research to get a bit of an idea of the expectation  And if you’re buying just for your primary home then you are better to buy now rather than wait for a possible price decrease because that possible price decrease will happen as interest rates increase and that would mean that your monthly payment would actually be higher. 

There is no way with proper expense allocation (especially maintenance/cap expense allocation) that this will produce anywhere near $400/month positive cash flow.Analyze the appreciation outlook. 

We decided to publicly list his house and properly market the property through various channels like the MLS, social media, my personal network of agents and investors, and a few other online platforms.

The markets reacted quickly and down nearly 30%.There are other lagging behavioral factors in play that are not immediately recognizable.

It can be a great gig, if you have the proper strategy.

@Jean Santiago It sounds like you are taking all the right steps to properly and successfully invest on a property soon.

This gives Landlord's more confidence that they are handling things properly. 

If so, since my contractors provided invoices to me with repairs and capital expenditures alike, how do I determine the proper dollar figure to count as repairs?