If you are looking at rentals it will be VERY difficult to get financing without having a stable income first even if the property would theoretically pay for itself on paper. 

I also think MFH have less price swings up and down and stable in the long term. 

Tell me why a 2nd mortgage would be more risky if it's covered in equity, on a premium home worth 300k, with borrowers having good stable jobs?

Their financial life appeared stable for about 18 months when I met them. 

My overall impression is that the PM landscape is grim in general and specifically in my rental market.Financially, it's stable so my attitude till now has been "better the devil you know". 

I even built in a large shelf/workstation in the back across the entire back side myself.

We ended up taking a non-section 8 renter with great credit 720 and a stable job. 

My wife and I have stable careers that pay well and we can weather a dip in RE.I know that I can do something with the equity in these homes, I’m just not sure how best to go about it, which is why I’d like to hear your advice.

Calgary should be becoming more stable as oil prices go above $55.

If you find your putting in the effort to find good deals and your making stable income to pay down your mortgage a year out you could buy another.