His loans are variable rate determined by the feds stated rate of inflation.

When doing your evaluation of the comparison between your current mortgage you need to make sure you are only including closing costs and not including the prepaids when determining your breakeven analysis.

You need to know what to expect for YOUR units.To determine that, research available units in your target area.

They my be in accordance to ownership.

On closing day, your buyer funds the escrow to close the transaction and you in return sell/transfer the ownership of the LLC to your buyer.

But I know that my insurance company doesn't differentiate on the ownership type.

You then can utilize that amount for purposes of determining the depreciable amount for the building.You then depreciate this over 27.5 years beginning when it is "placed in service".

I searched the house online for some basic information, but was wondering if anyone could give me some suggestions of what financial specifics I should request from her in order to determine if the property is worth looking into further.

If I get more info on your lot, I may be able to determine if it would support units on its own, or if it would need to be adjoined to others to make any development worthwhile.

Perhaps you should start with determining which type of property you are looking to acquire.