Since you consider the home an investment property, you have a choice oh how you handle the expenses and repairs. You may deduct them as investment expenses or capitalize them. See my answer for details. Improvements, like a new roof, must be capitalized (added to you cost basis); they cannot be expensed like repairs,
The expenses you choose to capitalize and the improvements (e.g. new roof) are added to the basis if you sell. If you decide to rent next year, you will start depreciating your whole cost basis (FMV + improvements + capitalized expenses).
Q. I was a co-signer on her mortgages which I am now paying, she is listed as the primary. Is this something I will need to address as far as a refinance?
A. No, as it concerns your tax filing. Since you own the property and are legally obligated to pay the mortgage, it is deductible to you, subject to the limitations*. You should ask the mortgage company and/or read the agreement to see what is required because of you mother's death.
*If you classify the property as a 2nd home, the mortgage interest is deductible, similar to your primary home. However, the mortgage interest on investment property is only deductible to the extent of other investment income but not subject to the 2% of AGI rule, but it can be capitalized, like other expenses.
