Since I'm relatively new to landlording (< 2 years), this gives me some breathing room when they ask questions.

and @Jon Holdman I agree about having reserves around for emergencies - its not been my intention to be a landlord, I just fell into this one.

I have 9 properties now and added 5 of them in the last year so I'm not sure at what point things started to really add up (I'm just now getting to catch my breath after getting the last one rented) but it is getting really exciting with my RE business now!

LOL. don't hold your breath..... :))BTW,                                GO  CARDS!!!!

Be careful who you listen to for advice even if it comes from family who loves you and is well-intentioned.

But the intent is different. 

.- I originally purchased this with intent to rent, light rehab, and I don't have "full flip" experience.How would the seasoned investors here approach this?

Writing contracts goes deeper than just writing down understandings, it shows intent, practice, knowledge of legal aspects that are often best left alone so they may be debated or simply cured by custom or law.

When I think of bubble markets, I want to believe that is usually due to speculators with available cash absorbing inventory with no intention other than to sell later at a profit.  

@Karen MargraveMuch of eastern Canada has been running hot for so long, folks are complacently thinking it is normal ... places like Toronto, Vancouver, Calgary & (to a lesser extend) Edmonton have been on the molten rock side of hot for almost as long.In amongst all that, there are cities and, more often, small towns and rural areas whose local economies are unwell or have collapsed where there is growing inventory which comes with lots of risk.There was hope at the start of the year that things were beginning to relent a little, then the BoC lowered interest rates - mere weeks after hinting they were on their way up - which may be breathing another dance into the local market.