If you want to chat more about partnering and talking shop hit me up!

It's worth shopping around.

Shop it around as they are all different.CAP rates are set by the buyers in a market however the bank will do the appraisal so in your case that will determine the value.Smaller properties like this will not be valued so much on incomes as it will comps and replacement cost.You are likely going to need 20-25% down, good credit, enough income to support your portion of the debt and cash reserves of probably 6 months.

@Brian Salazar let a mortgage broker shop your loan out for you to save time and money.

IMO, a TK provider who opens up shop in a new city that they do not live does not have the experience necessary to truly known the in's and outs and historical trends within neighborhoods. 

@John Teachout one of my favorite books is Meateater: Adventures from the life of an American Hunter.

So you will need to shop around.

This is american not a 3rd world county, 20k for a rehabbed rented property, hmm, do not think so unless you are in a war zone.

Personally, I would shop around and see what other brokers can give you.   

Find an exceptional accountant that can do both Canadian and American taxes, or an accountant in both countries.