You’ll find investors from Toronto, Vancouver, and other major Canadian cities who share their experiences about market conditions and regulations in Canada.For formal groups or chapters, outside of BP, the Canadian Real Estate Association (CREA) and local investment clubs are great places to connect with more like-minded investors.

I use Quickbooks online for the formal accounting so it's easy for my tax guy to get in there and do his piece every year, since I have an LLC per building.

If his lease was formally terminated, and you have a new tenant coming, he is out and does not have the option to stay.  

Is there any other formal arrangement because the way you wrote it sounds like your wife and her father are 50/50

As a MHP sponsor, we are actively using this strategy, so I will explain:When a property is purchased and a formal cost segregation study is performed, the entire portion of the property's value with a useful life of 20 years or less can be taken as a passive loss in the year the property is purchased.

On the other hand, establishing separate LLCs for each of you, along with a formal agreement offers greater asset protection and flexibility.

I get where your coming from but the point of an LLC is that it keeps the asset protected from all others so in a sense the holding company is just a formality for tax purposes since an s-corp would be attached.If you do a separate llc for each property without a holding company then you would have to make a separate s corp for each property which wouldn't make sense as that defeats the purpose of the s-corp thus the reason for the holding company.

In the case of a syndicate, the LLC and its operating agreement help to formalize the legal relationship between investors.

If they aren't run as seaparete companies with all formalities then I can see them being pierced.

I should probably have a formal sit down conversation with him before I assume though.