You definitely should seek the advice of an experienced elder-care lawyer.   

@Tamara Shipp in your situation I would be super careful about using the equity in your property for anything.

Also in those older home you should really be careful on how you lay it out.

Who cares what BP thinks, only matters what the seller thinks.

Be careful here; as entrepreneurs we all suffer from the fact we see opportunity on every corner.

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First off, the bank doesn't really care about who is listed as long as they are the primary listed on the insurance. 

Mostly the big cities of course, Vancouver, Toronto, Sydney, Auckland, etc so do be careful what you buy.

I have a great lady, I give her basic info about the property, she gives me ~3 options with the price and coverage I am looking for (and am required to have) and I fill out one application, she takes care of the rest.YMMV

Detailed annual expenses include:  vacancy rates, specific tax rate, 10% for property management, liability insurance, sewer, electric and gas, snow and lawn care.