You need to start generating leads there, then find boots on the ground.That will be the biggest task ahead of you really.Boots on the ground should be relatively easier to do once you have a continuous stream of leads coming in.

So longer term leases locked in by quality tenants with great terms to landlord help properties sell for lower cap rates because usually more predictability of the current and future cash flow stream.  

I presume we need a Dwelling Fire policy in the trust's name.

(a) " A landlord shall disclose to a tenant, ... according to this subchapter: (1) the name and either a street or post office box address of the holder of record title, according to the deed records in the county clerk's office, of the dwelling rented by the tenant; and (2) if an entity located off-site from the dwelling is primarily responsible for managing the dwelling, the (legal) name and the street address of the management company (or person)..."

They want to have real estate eventually provide and replace the income stream they have now if they want to retire from being a doctor or selling out their business to go passive for income stream and returns.

The renters began streaming bootleg movies and music.

My lender says 4% is the best I can do (without purchasing a lower rate) because condos don't receive the same interest rates as single family dwellings.

You may need a partner with some experience that could help with this situation.If the landlord is elderly, my guess would be that they would be open to owner financing as that would continue their income stream without the headache that being a landlord entails.

That way you have a mortgage denominated in Canadian dollars and it will match the C$ rental income stream. 

I would be very cautious about purchasing a rental without a solid stream of income or cash reserves as rental properties have unexpected expenses that can put you in a tough position.