There are lots of legal resources available to indigent persons and if you do end up in court, you are far less likely to prevail (and far more likely to pay damages to the tenant who has already taken advantage of you and the seller) when you start with that strategy.Your first step should be to call the housing department of the relevant municipality and ask them what your obligations are.

CORRECTION ON HEADING! **DOWNTIME**Hello all! My husband and I are new investors and just received our first months rent for our property. We plan to purchase more properties (flips and rentals) in the future. He depl...

The advantages is that it is extremely easy to find tenants in manayunk.

There is an IRS safe harbor for this practice extrapolated from Rev Proc 2008-16.If the property is his primary residence then as mentioned above he can take advantage of the primary residence exclusion. 

Toronto is fortunate enough to be close to Buffalo and Detroit which are mid markets where a lot of southern ontario investors take advantage..I know a lot of Van City folks in Phoenix and as far as Chicago and Atlanta.. just need the right connects  

The advantages I see are that it will save money with using white appliances, it has a clean look and photographs well for marketing, won't clash with nearly any wood-tone flooring. 

You could do a 1031 exchange at this point and roll the proceeds into another property.I think I would sell now when you wouldn't have to pay capital gains taxes.You could use some of these proceeds to buy another rental property and take advantage on a low down payment on your next owner occupied property.

For people in highest income tax there is no tax advantage to borrow.

@Branden Bennett It seems extremely likely that your dad has equity in these properties, and if he does, that is no small investment advantage.

Also, there are a lot of other advantages to single family homes.