But if you have to jump through hoops or spend a significant amount of money to put it in might not be worth it. 

Welcome to the community and be ready for a huge amount of information at your finger tips.

Seriously, it's important.And as mentioned above, the amount of rent you receive on multi-family properties is based on 12 month rental comps.  

At that percentage on that rent amount I suspect it is not all inclusive, but I do not know that market.  

@Johnny Lynum we did offer them an aggressive cash for keys amount to get them out as soon as possible.

You should get $2632.83.Subtract THAT amount from the principal balance.

In addtion when the net investment property is ready or on the ARV you can do the same thing pull cash out and pay off the original amount and use the rest for another down payment.

I'm going to reiterate what's already been mentioned above, but I'm going to actually give you examples of why it's relevant to you to find a U.S. tax professional.1 - You're going to need to file U.S. taxes once you have property down here, there's federal filings, state filings, and sometimes local filings too2 - Tons of tax treaties between the U.S. and Canada that are easy to miss and can cost you a lot of money (important one with rentals - effectively connected income - if the professional you talk to doesn't know what this is, run away)3 - The amount of days you spend in the U.S. needs to be tracked and if you go over a threshold, all of your worldwide income could be taxable by the U.S.4 - Selling real property means up to 15% of your sales proceeds might not be available to you for years (FIRPTA)5 - Lots of nuance at the state and local levels, which both want to take as much money from you as possibleMain takeaway here is that you should find a U.S. based tax person.

Instead of 40 houses cash flowing $200 each or $8000/month, you buy 10 houses and pay them off for a cash flow of $10,000/month with 1/4th the headache.People don't understand the amount of time, energy, and stress involved with managing a lot of doors, especially if they are lower-class properties typically needed to generate cash flow.

If you own part of an LLC that owns all the real estate, than only that LLC can do a 1031 for the entire amount.