A bit of a double edge sword.

In my experience with tenants they do not take care of anything and our rental properties are in middle class neighborhoods, one tenant would lock his dogs inside the bedroom for days the carpet was torn up and guess where they would pee and do do yup on the carpet, and pets where not even allowed on the property!

I know that if the buyer was cash, I'd double close this one and be done.  

Good post, I agree with you, i do believe a correction is coming, but with investors now having to put more skin in the game and not being able to drive up prices like they did years ago with no money down products and loose lending requirements, i dont think it will happen this year maybe 2 or 3 years down the road and that also depends on what region you are talking about, we didnt really feel the crash out here and we didnt experience the double digit appreciation either , i wasnt thinking of selling when i refinanced, a few months after i did it, my tenant moved out so that got me to thinking about changing my goals, i was in a 6.15 30year loan still paying pmi, so the fixed 15yr @ 4.375 was a better deal for me, and yes counting on appreciation is not good because its not guaranteed, i may end up keeping it because I like the idea of having it paid for in 15 years.  

double check income source.

I always like to peruse the realtor.ca website and I have noticed a 2 bedroom unit in decent condition for under 100k!

You can probably find a 4- bedroom house with the ability to add more rooms to it for $250,000 or less and you can get a FHA mortgage on it where you would put 3.5% down.

The other one is 3 car garage and 2 bedroom 1 bath apt above.

Is it double closing or assignment?

You can double check rents on websites such as Rentometer, Zillow etc.