Do you not have any money or just debt?

You would have to work with the financial institution that holds the loan for the property to do so, but it can be done.   

Just take the rent and multiply by 50% and use that as a rough total for expenses in addition to any debt service.The numbers you have above yield total expenses of $33,575 (59% of rents so the rule of thumb isn't needed).  

So we are super busy, but I am ready to get on the road to financial freedom!

I know this appears risky and it is, but due to our financial and other investment situations, we do not want to incur the cost for getting a new mortgage under another name or the LLC.

@Deep PatelPath to financial freedom is found in building a portfolio of cash generating properties.

My goal is to build a substantial amount of passive income over the next 8 years in order to gain financial freedom. 

I decided to quit my six figure job to fulfill my real estate investment education and devote time to it, I knew it was the only way for me to learn anything and truly achieve the financial independence I was aspiring for. 

I'm trying to figure out how much debt this property will carry forward and need to be offset by my other income to know if I can afford to build another property.

We both have around 12k in debt combined, from osap loans after dropping out.