I did manage to dig a bit deeper and found out that the municipality of Edmonton has an advisory body still active which offers a full suite of forms which have been legally reviewed by their own real estate lawyers and by the dispute resolution courts.

Using your numbers you would have to put in a little bit of money the first year since you aren't getting the full rent for one of the units but after that it is positive. 

This has been my first thread in the forums and am blown away by how helpful everyone is, Thank you!

Two things that were rough at times were getting the contractors to work a full week and getting tenants took a little longer than expected, probably because it was a bad time of year and we screen our potential tenants very well. 

The buildings had 3 vacant units when I took them over with some pretty unhappy owners.In one month both buildings are full, rent paid on all 8 units and the 3 vacants I'm getting $200 more per month than the previous management was getting.The demand I created was high, hundreds of leads for the units, it takes some filtering to sort the good tenants out but they exist.

Have been in real estate full time for 14 Year’s and still always learn 1-2 tricks...

@Aron Klatt I have never in 15 years heard of a full rehab costing 20K.

There seem to be a few areas in philly that are up and coming... where some total dump is listed on a block full of new construction.

I'm 26, married and a firefighter/paramedic full time and also work as a carpenter on my days off.

Hi all,While in college I worked fulled time at a fortune 500 company.