But another consideration is any potential property tax increase...Expand if you need the space, but understand that it will cost more annually long after the work is done...

If so, should I create the LLC as to where the investment property resides or would it be ok for me to create an LLC in another state such as Arizona since they have low filing fee and no annual fee?

The answers have been varied with a LLC mentioned most often.But, because of the $800 annual tax CA imposes, a business trust has been mentioned next most frequently or out-of-state, "foreign" LLC's, which although cheaper to implement can have expensive drawbacks (extra tax return, costs if legal action out-of-state, etc), I've been warned.My seed money is $15K of a $20K non-earned lump sum from Social Security.

I've since depreciated a total of $2,000 of the roof's cost on my annual taxes each year since.When selling a rental property, Net Adjusted Basis = Purchase Price + Improvements - DepreciationIf I sell this property now, how do the above amounts factor into my Capital Improvement additions / Depreciation subtractions?

Or $50K of annual premium for 5 years. or $25K of annual premium for about 8 years...The death benefit associated with that much premium would be much higher (>$10M, depending on age).Here is a good tutorial on life insurance...https://www.biggerpockets.com/...The concept of leveraging cash value to invest in real estate is thoroughly examined in this thread...https://www.biggerpockets.com/forums/519/topics/245380-paradigm-life-infinite-banking-whole-life-insurance?

Troy I have found a line that is reasonably priced called Wolf Builders Mark. 

The LLC will also generally involve formation and annual fees to one or more Secretaries of State.

Then, just increase 5-6% annually and make sure you provide her with VALUE.

The con's are the expense of the mortgage insurance - there is an upfront mortgage insurance and an annual mortgage insurance - that then stays on for the life of the loan.

Our combined annual income is 120k.