This investigation reports syntheses, crystal structures, and magnetic properties of a series of “butterfly” NiII2LnIII2 compounds of compositions [NiII2LnIII2L4(NO3)2(MeOH)2] (1, Ln = Gd; 2, Ln = Tb; 3, Ln = Dy; 4, Ln = Ho; 5, Ln = Er) and [NiII2LnIII2L4(NO3)2(H2O)2]·2H2O (1A, Ln = Gd; 2A, Ln = Tb; 3A, Ln = Dy; 4A, Ln = Ho; 5A, Ln = Er), where H2L is the Schiff base ligand, obtained on [1+1] condensation of 3‐ethoxysalicylaldehyde and 2‐aminophenol. The five compounds 1A–5A are formed as a result of single‐crystal to single‐crystal transformations (SC–SC) of the five compounds 1–5. The dc and ac magnetic measurements carried out for the five stable compounds 1A–5A reveal the following: (i) overall ferromagnetic interaction exists in all of the NiII2LnIII2 compounds 1A–5A; (ii) both NiII···NiII and NiII···GdIII interactions in the GdIII analogue 1A are ferromagnetic, with J values of 1.83(0.08) cm–1 and 0.285(0.002) cm–1, respectively; and (iii) only the DyIII analogue 3A exhibits single‐molecule magnet (SMM) properties, with an energy barrier (Ueff) of 25 cm–1 and a relaxation time (τ0) of 8 × 10–8 s. Comparison of the structures and properties of the compounds in the present investigation with those of analogous systems derived from a related ligand reveals remarkable differences.