Help with Investment Property in British Columbia

Hello DG Members,

My realtor friends, who I live with, are moving to Las Vegas and I have the opportunity to eventually purchase the home. The home is a FSBO in Vancouver, BC. The ROI on residential real estate investments in BC is around 5%, so keep that in mind when evaluating this deal. I welcome critical analysis WITH suggestions on how to sweeten the opportunity. Thank you!
MY PLAN:
The cash to purchase this property now is unavailable to me, and with the price of the home I would not qualify in terms of income, an investor is ideal! What I bring are management skills and a burning desire to own this home! I will need time however, 2016, to get to where I can refinance the town home which will be a buy and hold exit strategy.
MY COMMITMENT:
I will pay the monthly mortgage payment, taxes, Strata (which includes insurance).
I will rent out each of the 3 bedrooms at $1,100.00/month. I live in the town-home and Tenants share the entire home with me.
I am responsible for all of the maintenance and repair-basically...investor just collects ROI!
I intend to have a free and clear Condo within 15 years plus a cash flow of Market rents.
Keep a Quit Claim Deed in escrow if I default, say 60 days or more late, investor gets the property. No foreclosure required!
The numbers below are conservative and DO NOT take into consideration market appreciation of 5% yearly.

FINANCIALS:
PURCHASE PRICE:  $680,000.00
TAXES 2011:  $$2,114.00/year
STRATA FEE & INSURANCE:  $371.00/month
CMHC RULE:  20% down payment on $680,000= $136,000
PROPERTY TRANSFER TAX  & CLOSING: 2% of purchase price= $13,600

INITIAL PURCHASE PRICE:  $680,000
INITIAL CASH INVESTMENT:  $136,000
INTEREST RATE:  3.12 FIVE YEARS FIXED
AMORTIZATION:  25 YEARS = $2,613.79

INCOME:
TOTAL:  $3,3000.00/MONTH

(ADDITIONAL  potential  INCOME): $50/mo parking fee,
$40/mo residential cleaning=TOTAL $1,080/mo

EXPENSES:
MORTGAGE $2613.79
TAXES: $176.16
STRATA: $371.00
TOTAL:  $3,160.95

POSITIVE CASH:  $139.05

PURCHASE PRICE:  $680,000
RENTAL INCOME:   $3,300.00 x 12 months = $39,600.00

Net Operating Income: $39,600 /$680,000= 5.82% RATE

RETURN TO INVESTOR:  $136,000 @ 5.82% 1st year= $7,915.12

Additional 2% increase for years 2,3,4, and 5. Leveling off in year 5 for the remainder of the contract.

Year 2: Rent increase 2% = $1,122.00 x 3= $3,360 x 12= $40,320.00 / $680,000= 5.92%. $136,000 @ 5.92%= $8,051.20

Year 3: Rent increase 2%= $ 1,144.44 x 3= $3433.32 x 12= $41,199.84/$680,000= 6.05%. $136,000 @ 6.05%= $8,228.00

Year 4: Rent increase 2%= $1167.32 x 3= $3,501.96 x 12= $42,023.52/$680,000=6.17%. $136,000 @ 6.17%= $8,391.20

Year 5: Rent increase 2%= $1190.66 x 3=$3571.98 x 12= $42,863.76/$680,000= 6.30%. $136,000 @ 6.30%= $8,568.00

Leveling off at year five to 6.30% for the next 10 years.