What is the most cost-efficient way of updating the deed records?

You're doing a great thing for your financial future.

Meet with financial advisers/wealth managers and see what other options other than real estate there are and how to best allocate / diversify. ie have you maxed out your TFSA?

Are you wondering more about the financials of it or operations? 

Working with a CPA or financial planner can help optimize tax strategies and ensure the best approach for your goals.This post does not create a CPA-Client relationship.

The document that records the sale is called a "Tohon" and does not list a sale price. 

For my units, I usually look for someone with annual income 40x the monthly rent so I know they are financially secure. 

Two, you'll have a much easier time obtaining a mortgage product if you have a track record of W2 income.In the meantime, continue implementing the strategies you mentioned: save religiously, build your credit, pay any existing debt owed, etc.

Children won't have a credit/criminal history, rent records, etc.My application fee is non-refundable.

They literally went through each operating agreement and prepared an email listing out each member of each LLC and clarifying they each had to guarantee the loan despite the fact none of those entities were even being used for the purchase (which was previously explained to Dominion Financial).