You could give notice that her rent is going to full market as soon as you take ownership but would prefer having the present owner give her notice to non renew.

Should I agree to pay him a certain sum if i buy a non-listed deal.

It took two months to get resolved and the tenant left the property so dirty I had to replay all the flooring..Including a nice bamboo floor, paint everything because the non smoking property was so gritted up from pot smokers, and strip and refinish the kitchen cabinets because there was so much grease on them it was like a rendering plant that had never been cleaned before.Maintenance — contractors can be contractors and the PM really do nothing to hold them accountableFollow up — they do not follow up on anything unless it creates revenue for them.  

Thinking ARV is 110-120k Asking price is 25k Arbitrarily thinking a full rehab could be around 70k assuming the worst and me doing most of the non major repairs.

In some states like California it can take up to one year to evict a non-paying tenant.

Especially if the tenants have small children, you have to clearly communicate what items are forbidden to go down the toilets (baby wipes, bleach cleaners, etc) and let the tenants know if they plug the system they are responsible for having it cleaned out/pumped. 

I am a corporate/commercial lawyer in Toronto, with an interest in non-residential RE investing (although I do have a res rental unit).

I am planning to replace the carpet in the empty unit with tile throughout as my 1st attempt to tenant proof the unit.I have my financing in place as a 30 yr fixed loan requiring either 20%  or 25% down (Non owner occupied).

However, I get what you're trying to do in order to be able to just print off a balance sheet to show your Net Worth.I do disagree with your CPA about putting in an offsetting liability as this still will not get you what you're looking for.Instead, I would create a separate asset called "After Purchase Appreciation of Asset" and debit that for the increased value.I would then create an Other Expense (Not an Operating Expense) and I would call it "Non - Taxable/Non Deductible Transactions". 

Farming operations have scaled correspondingly and what was the family farm of my grandparents is no longer sustainable ... in the areas where my parents grew-up, many "family" farms today are working  6 - 10 sections annually - a task that requires millions of dollars in capital equipment.There are also farmers who are specializing in organic and/or non GMO crops (both of which may require maintaining a wide border strip between their fields and their neighbours crops).There were (and likely still are) two principal ways of renting farm land in that area: a) straight rent per acre/quarter/section or b) a share cropping arrangement with the farmer working the land.