Hey BP community,I am an investor with two single family properties in Northwest Arkansas.

A single member LLC is not as big of a deal, but once there is a partner involved, an attorney needs to be as well.

Housing prices in two of our larger cities (Vancouver and Toronto) are also crazy high (eg $1M to buy a starter home)...actually in Vancouver proper at the moment the cheapest home (single family, not strata) is $1.2M...surprisingly (to me) in Toronto the cheapest home on the market is $650K (ignoring some listed for $1 as clearly there is a catch).Our mortgages work differently than in the US, and what we get for rates are only locked in for 1-5 years (typically) and then we have to renew at whatever the current rates are. 

I've considering whether it makes sense to look at potentially converting it to a single family and enrolling the property in the college's off-campus housing program.

Already a co-owner of  single family home with shared common space and bedrooms rented to individuals.  

I'm on more buyer mailing lists than I can count and haven't been sent a single decent property yet.

However, we are now looking into renting the property (single family home).

My long term rental will then be owned by this Single Member LLC.

I'd like to add to the above by saying that RUBS billing is the single smartest, most intelligent improvement we've ever made as Property Managers.   

A nice SFR (single family rental) brick home or perhaps a duplex but for your first purchase actually, wise to just stick with an SFR to keep it real simple.