Also, even though we make negative cash flow, since its big house and income from house is a lot we had to pay more taxes. 

I am looking for some feedback on paying off a rental property.

Now you need to figure out how to find deals and pay for them.

If these were good, on time paying renters why would a seller sell and why at 70K below value? 

In other words the subject property owner's tenants benefit from that property that subject property's owner does not own (and thus pay more in rent, vacancies will be easier to fill, etc).

Hope it works out and they get back paying on time. 

Josh,If you're paying attention: I too like this idea.

If you have a traditional Canadian bank mortgage, you can pay that mortgage off early, there is just usually a prepayment penalty of 3 months interest.

In MN and NV I pay less than market with my PM.

Their father agreed to pay cash for it and my friend and I are now paying him back over the course of 6 years.