Later if you need to refi the property, you have to replace the title back into your name for the lender to process loan.  

Apprentice ( I know with the I want it all tomorrow attitude these days that's a foreign concept).. but those are two very good distinctions.Plus the license allows you to do some much more... for instance I am not really active in sales to the public.. but I got a really good referral .. client was 1031 out of vegas looking for 5 to 6 million replacement property..

That doesn’t cover a lot when you have to replace carpet/appliances/water heater/etc a few years down the road.

Rent - +$12,600Mortgage - - $4,800Taxes, ac/furnace replacement, other repairs

You'll use Life Insurance as the mechanism to replace the wealth you gave away, just as you would in a CRT.This is a 10,000 foot overview of three very sophisticated strategies. 

Hail is much more likely than a tornado, so I'd also recommend full replacement coverage on the roof.

Previous owners purchased the property at a tax auction, gutted the inside, replaced the roof, installed to sliders and bought vinyl siding.  

Have they replaced your HVAC or other equipment?  

Replacing a few appliances could wipe you as $1560 wont go far. 

Once the tenants move out, I plan on replacing the carpet and repainting the inside (color scheme will change to the more current trend of grey).