Should I create an LLC at this point to protect my personal assets and tax planning?

Developers and construction companies have adapted their strategies (Build for Rent), embracing innovation (light gauge steel construction) and diversification (new product types) to meet changing consumer needs and market demands.

If you do rent by the room watch out for local unrelated person ordinances.

As of about 5 years ago when I was inquiring, RBC US did provide US mortgages for Canadians however not a 30 year term, only ARM (Adjustable Rate Mortgages) which is a similar mortgage product to what Canadians are used to, difference being after a 5 year term it would flip to an adjustable rate mortgage. 

You just don't go 15 years without major expenses.Will you go to Memphis in person to take a look at this property or others? 

However, when you rent out a portion of your home, you need to make sure you're properly dividing any expenses you pay to maintain the home between personal and rental uses.

I do believe for what you clarified from your original post that breaking even is okay and you'll be using it for personal use that you can do this. 

Personally, I'd recommend multiple properties, but that all depends on your long term goals.

My wife and I were able to buy a SFH for our personal residence in 2022 and have since turned our focus on saving for our first investment property. 

I personally have success in doing flips with my partner here in Ohio.