There is an awful lot to know, it would take many volumes to cover it all. 

I would be saving money from my day job to cover those expenses.

If the lease states the landlord covers the utilities you must honor that until it expires.

This will only cover about 15% of the property but it would be ideal to pay it back after I finance the property.

I understand that the owner does not want to sign a personal guarantee for the full exposure, but maybe you can negotiate a discounted termination payment for 12 months that will cover all or most of your financing until you find a new tenant.

You'll have a hard time cash flowing (cash flow is not equal to $100/property, which is barely enough to cover unexpected expenses/vacancy) in the GTA because the market is over priced.

I am an agent and have limited experience in Property Management.Some of her requests include the following (Tenant and LL verbally agreed already):Tenant will do all the cleaning and cover the costs before move-inTenant may make home improvements upon LL final approval and city permits3 Month Security DepositI did some digging on BiggerPockets. 

I put cap ex at 1000 per door a year ball parking it so 160 a month I am not including the studio in these evaluations because I will live theremaitnance as 85 a monthvacancy of 160 a monthSo over all looks like this so far.40k downprice 158500rents 1700 monthtax and insurance 560monthcap ex 170 monthmaitnance 85 monthvacancy 160 monthall together 975 a monthsubtract that from both units rentAnd there is 725 left over enough to cover the principle and interest and leave like 100 bucks left over for my utility's and such.current owner says the coin laundry downstairs covers the water and tenants take care of there electric and suchNow just 100 left over isn't much only 1200 a year not a very good return on 40k but when I move out and instal a fire escape in the studio as I live there I can rent that for another 550. after I adjusted the numbers for the studio this deal looks really good because I am able to keep pretty much everything the studio would produce.I'd get like 6k a year and get a 25 percent cash on cash which sounds as delicious as it can get.It is in a working c class class area. on the worse side of it. that's were most of the duplexes in the area are to be honest.

Non of the move-in ready ones are going to be killer deals, but you can cover your mortgage with rents, put some away for expenses, and build equity while you live free, but I wouldn't go in expecting too much cash flow. 

-You're going to need 20% down plus enough to cover 6 months payments for any investment loans you might get.