I know many say you don't need formal schooling to be in the industry but I want to be informed and also like the fact of a back up plan.

Roomers are not covered by the Residential Tenancies Act in all provinces and, in those where they are included, there are sometimes exceptions when the let rooms are in your (the landlords) personal residence.That said, I would still encourage you to operate using a formal written lease (the standard form if you have one in BC) when you let rooms in your own house.Financing:As of next week you will have to qualify for financing at the BoC posted rate (4.64%) regardless of the actual interest rate you negotiate with your bank.2.64%, while seemingly unbelievable to those south of the 49th, is not terribly low for an insured mortgage.  

Albeit it is not as much of value to me as a buyer living within 20min (judicious time interval), it is a huge advantage as an investor.

Is there any paperwork that I need to get involved to cover both of us without having to give a formal 30 days notice?

for estimating purposes, I would say you can cut your estimate in half.If your looking to move forward with an offer, get a formal quote as the crime area and age will have an impact on the premium.Good luck with it.

go through a formal pre approval  process with a lender  using a hypothetical  scenario .....this process is free and relatively easy   and by doing this you will know for certain  your  options via a traditional lender .....ask your friends  / co workers to  refer a  loan  person to contact

I wouldn't mind a neutral place like a restaurant or I'd prefer somewhere more formal?

I’m not sure how well it may be perceived to have an LLC handle property management, drone photography, storage / estate auction re-sales, and a Real Estate Agent but I like the idea of separating that from our other incomes and running a formal business that we both are share holders to boost our reportable income.

Judges in my jurisdiction tend to look at things like the formality of accounting, the decision making process of the LLC, bank accounts and assets for the LLC, membership contribution schemes, and a number of other factors.These rules may or may not apply in Ohio.

Zillow recognizes multi families as "apartments" in house type.For Trulia:You have to search in your zip code or neighborhood or what have you, and when you get to the search results page, just click more filters (along the top where the search filters are at).Then under Property Type, change it from the pre-selected to multi-family home.I believe Trulia is a little bit more judicious when it comes to separating properties by type so you should only find 2-4 units with the multi-family home option picked out.