Renting and selling townhome in ontario?

Ok, I must be crazy risk taker, but like can be about overcoming fears. Anyhow, I never rented out, invested, except stock market, . And I feel I have to try. I have my family home and solid job and that part is fine. I am about to purchase $400.000 town-home in targeted area. Good area. I'm taking line of credit to put 20% down and hope I can rent it out. Research showed that renting should easy cover all expenses. Apparently it is to rent over there. I would rent it for as long as possible and in Ontario the prices of real estate just go one direction.
I was thinking to purchase much cheaper condo. But calculation shows that on any condo I would have to add couple of hundreds each month to cover mortgage/condo fee/ taxes. Even though town-home is more expensive it works better in other directions. More appreciated, and it'll likely cover all expenses once it's rented out.
It's risk I know, but I'm focused on paying off my home and I need couple more years to get there. And real estate keeps going up.
Anybody, tried something similar in Ontario, Canada?
Arguably Ontario is the best real estate market in North America.

Read more: Renting and selling townhome in ontario?