FMV is $65k, renters who have been good and property has been well maintained.  1- 2 bedroom that  was my house before being married.  

Do some homework there, as most who think about getting licensed (frankly in many professions, not just real estate) don't understand how much money it takes after your initial license to maintain.

Or would you recommend we keep it it clean and set up a debt arrangement such that my relative gets the desired cash flow, but we maintain full ownership of the property?

Yes, you'll totally spend 10% just maintaining it then you'll have enough big ticket items to get you into that 2-3k (or more) each year.Tenants that live 600/mo or less will not all treat your property well.

How do you maintain viewership?  

All of this supposes that your lease puts your tenant in default if he doesn't maintain gas service.

You would also have the additional overhead of maintaining the corporation and filing separate tax returns.Unless you are personally in a top marginal tax bracket; need/want to bring in partners; or your business has reached the size where it has 5 or more full-time employees (which would allow a corporation to be deemed active and qualify for the small business tax rates) it may not be advantageous to incorporate.A good primer on the subject is Steve Cohen and George Dubé's "Legal, Tax, and Accounting Strategies for the Canadian Real Estate Investor".  

If you're looking to rent out 1 unit & live in the other, you will take different things into consideration compared to renting both units out for profit.If you're renting both units out for profit, make sure you include a repairs/maintainance expense & a reserve amount for capital expenditures.

I know I don't have the budget to maintain two loans but I want to get into this.

Doryangel LLC has grown through learning and understanding today’s landlord’s needs‭.‬Building equity is our business, we understand the need to maintain and maximize your business growth.