Looking to invest in first rental property, need some guidance

[Mike Rumeo]

Hi everyone, 

I'm considering real estate investing but I have some concerns. 

In my area of the Greater Toronto Area, the market is pretty ridiculous and my options are to invest in condos for $600,000 and up (roughly $1300 per sq ft) for one-bedroom/one bath. In order for me to purchase this, I would need to refinance my home and rent the condo to cover the mortgage. By crunching the numbers, with a rent of $2,600, I would cover the costs but there would not be any cash flow. I just want to know if this is worth pursuing or is it too much of a gamble. 

The longer I hold out, I fear the prices will continue to get more insane and miss an opportunity to build a real estate portfolio. 

Thanks,

Mike