Go for it...and get another CPA.If you have a traditional retirement account, this is a good time to consider a Roth conversion while your earned income is low...may be able to convert some or all of it (over time) tax free. 

My goal is to start with earning some passive income for my wife and I.  

Would you be able to earn more money through other investments with the extra money you'd have to spend on a mother in law unit?

Hey I see...so I'm trying to get my assessed property tax lower because the bank loaned extra for the property because we put a lot for a downpayment on a 1031 exchangeWhat's the best way to minimize my property taxes?

However, you can actually defer the gain realized (If any, there might not be any gain sometimes even if you have extra cash after payoff) on the rental portion with the section 1033 know as an involuntary conversion since the property was a total loss. 

Would it be smarter to just use the $150 extra a month on a different form of advertising ?

I'm more inclined to come down on the side of keeping it, purely because it's a small fry debt that currently earns you 18.6% net, not including future appreciation.

Community property laws generally make all property acquired during marriage and all money earned during marriage joint property/money.

I work full time at QuikTrip and am working towards earning a business degree as a full time student.

Delays and extra fees/inspections can really kill a projects profit margins fast.