My understanding is you live in your primary home and rent the other unit, just looking at your housing situation I don't see a need for LLC, since you live and maintain the home. 

You could locate your office in your living place if you can close it off and have a minimum of distractions, especially if they are  personal.Try to maintain control of the things you are responsible for.  

Alex Dem,Welcome to BP – be careful, you may want to hook your computer up to a timer that shuts it down after 3-4 hours because it becomes addicting!

Additionally, since you aren't living in Mexico you may have to consider additional cost of a management company that will take care of renting, cleaning and maintaining the property.  

. :) Single mom with one income and unfortunately my 401k maintains most of my savings at this point, so my hands are only partially tied.So I reach out to all of you seasoned investors for critique and suggestions.

It actually means I don't have to cut grass or maintain shrubs there but wondering if I should be more concerned about it since a previous prospective buyer walked away because of it.  

I help investors build and keep, sell, maintain, and offer full service for their portfolios of cash flow properties.

It costs a lot just to maintain membership ($3K/year is on the low side and $10K is not excessive ). 

I know many of you may think how can you do that ,well fortunately  we happen to be in an extremely relaxed lending environment ,ive been in this business for 30 years and this is only the 2nd time i;ve seen real estate lending this relaxed ,for you old timers ,i know you can remember when their was no seasoning of title , in that period i was able to acquire 20 properties in 6 months ,moving right along ,heres the formula 1) find a property that needs a rehab in a b or c+ neighborhood,determine that after the rehab you will be at a 65 to 70% arv,next after you've acquired and rehabbed the property refinance it ,heres the example ,$45,000 purchase ,$30,000 rehab ,finished value $125,000,now you have a couple of options,you can refinance the property in 30 days at a 70% ltv,or you can refinance it later at an 80% ltv in 90 days,,using the example at 70% your cash out is $87,500,lets assume that your settlement costs were $8000 per transaction for the intial purchase and refinance,this equals $16,000 ,your cash out is $12,000,which leaves your out of pocket at $4000,this would be your total outlay,assuming that you rented the property and had net revenues of $500 a month your total return yearly would be $6000 monthly,your roi is 50%,now if your roi wasn't this high ,let say 30% annual return ,i don't think you would be too mad ,however you have another option and if you are not in a hurry you can refinance in 90 days at 80% ,when you refinance your cash out would be $125,000x80=$100,000-$75,000=$$25,000-$16,000 would be $9000,,so the $64,000 question would be how much did this really cost you,rinse and repeat this formula over and over  and you will be a happy camper              

About $600/mo after taxes, mortgage, insurance, and property management, but I need cash to invest further, hence the question to sell or cash out refi.With current rates and using box homeloans instant quote, I estimate that I can maintain 75%LTV, take out about ~$200K, and basically come out even after rental income.Not an easy decision right?