The property is scheduled to be torn down by the city under the dangerous building code14.

Living in that illegal basement apartment is dangerous and I would think the Fire Code Official would insist that the tenant move out. 

hahI read this article today (January home sales give rise to correction concerns) discussing market correction in the near future for Toronto and Vancouver, given that now even the condo market is seeing double digit growth month after month, without a shortage of supply unlike in home prices.My question is: Is there a way to estimate or calculate the ripple effect of that correction to the surrounding markets?

Do they have the same infrastructure as far as REI is concerned, or you just have to adapt and apply the strategies?

I am concerned with the property.

I wouldn't want to get burned by a tenant that will not move because of a previous contract.This is a Florida property.Anything else I need to be concerned with?

These are the neighbourhoods I'd be most concerned about owning.

If he is truly concerned about his client, he will make sure that he gets you the payment due ASAP to minimize your penalties.  

Any other thoughts or concerns?

That definitely is entering the danger zone.