Your sale price needs to be near market value, your financing doesn't add value to a property.Consider fixing and flipping if there is room, if not, all you are doing is taking the same problem your seller has, 2 years is a blink of the eye and you won't be getting 10 or 20% equity established without cash in. 

when opening an account for rental properties should you put it in your name or establish a business name with a business license?

Establish a rapport and see where it goes.

You are right this one kind of is a gamble but what can I do now, other than change the decisions that I make in the future.

The cost of living will be lower, most likely a little safer, and closer to the jobs this population can perform(retail, call-centers).Other, places will be strengthen, because they are established and have good services and attractions anyway for people.  

Is the FMR the number that all landlords to section 8 tenants could collect or is the FMR a MAXIMUM amount of rent you could collect, meaning the program would establish the rents for each individual apartment based on the condition?

However, once established, the low loonie is advantageous.There are still areas to invest in the Maritimes where you can make a decent cash-flow and force a little appreciation along the way.  

Cash Flow is my primary goal.As far as if this is a good deal or not will depend on what kind of comps he can get to establish a good Market Value for the property.  

@Daniel Saunders,Get familiar with how to raise money from people with self-directed retirement accounts, or folks with retirement accounts who are looking for better returns with less volatility than the stock market.By definition, private lenders are people with whom you have established a relationship before discussing money.

I intend on running an establishment grounded in integrity, therefore I will be taking every step to make sure my reputation is one that my kids can be proud of.