Depends on your perspective and personal circumstances.

That is due to extenuating circumstance (wife is 8 months pregnant) so we have been playing it pretty safe.

You have to learn how to deal with tenants, with contractors, and even how to do the clerical work (it is boring but you will learn to organize yourself and find your own system).You could follow a thousand course but you will learn more about building a solid business if you have a first hand experience of the trade.On the other hand, after a while and depending on the circumstances it could be interesting to hire a PM.

It looks like the report shows negative cashflow, which isn't always bad; however, I don't see it getting better given the future circumstances you listed.

The Human Rights Commission is all over cases involving those circumstances, so tread lightly, and make any formal decisions in writing.

I ended up reaching out to a developer nearby who is going to buy and utilize the land to its highest and best use, given the circumstances.

The inner skeptic in you will always find a reason not to buy, even in the best circumstances. 

Almost all renting is done July 1st--don't want to miss the boat and go off cycle--so the question has some urgency.So--the dilemma I guess is are we priced appropriately, but just expecting rental inquiries too early given the odd circumstances? 

Michael,Jay is simply pointing out that if you sell the property now (or within 3 years), you can take advantage the 121 tax law and that your CURRENT circumstance would not allow for a 1031 exchange .

sound like you have extenuating circumstances for not moving in.. those that get in trouble use these owner occ loans then put them right into a rental pool with no intention of moving in