If you are not going to leave there at all, and you can't do Bill 23 or have any value-add to get to positive cash flow, then NO, don't do it. 

I plan on my income jumping a fairly good amount, especially since I will transfer to working a full time position.

Lastly, if the tenant does become delinquent and we have to file a claim with Rhino Insurance to collect their deposit, we're adding to the financial woes of that tenant and putting them into an even worse financial position when they wouldn't have qualified in the first place.Thoughts?

Thanks for your positivity.

When you analyze a deal as an LTR so you can pivot if necessary, you are in a much stronger position.

With Debra's expertise and keen negotiation skills, we secured the home for $100,000, ensuring it was positioned for a profitable and quick resale.

If you’re positive you can get in and out fast or refinance smoothly, maybe it’s a tool worth considering.

I am looking for a bank to carry 75% to 80% of the purchase price in 1st position, and have the seller carry a small 5% to 15% 2nd position note on the property.

I was in the position of considering renting to someone with a pittie.  

I would suggest shopping it around a little more until you find a lender that offers reasonable terms and has a positive reputation.