I wanted to have a spot to rent out and cover the monthly mortgage payments while securing a small spot to have for myself in the next 30 years for when I no longer reside in Charlotte but want to visit friends, or downsize.

Some of the simpler asset protection solutions would include the following:  having max funds allowed in qualified retirement plan or IRA rather than personal as retirement plans are exempt assets in Federal and most state bankruptcies; investing through an annuity if your state (Florida and Texas for example) exempts insurance policies and defines annuities as an insurance policy; taking advantage of maximum homestead exemption in your state; use of corporations or more popular LLC or Series LLC to limit liability to the entity holding the asset; reasonable liability insurance if available; separating asset ownership from asset management; etc.I can design a simple, cost effective asset protection strategy of up to about $5million with little cost IF the individual resides in Texas or Florida.  

Are there additional primary residence requirements such as homeowners exemption required, or anyone know if this is coming down the line?

The tenant isn't "happy" about the construction but understands that it's my property to do as I wish.Has anyone had experience with performing construction on a property that a tenant resides in?

The Taxable Value is uncapped and equated to the SEV upon a sale or other transfer of property ownership, with limited exceptions.Homestead versus Non-Homestead Millage RatesCounties & cities in Michigan are allowed to set their own millage rates, with one restriction – a primary residence (Homestead) is exempt from up to 18 mills of school taxes on their Homestead property.

There are foreign national programs with 25% down for single family residences and 30% down for 2-4 units with a $100K loan minimum.

Long term i would look to 1031 the property into either my primiary residence when i start a family(i rent now) or a better deal.

Since I am out of state, the plan is for us to buy it together and he will make it his primary residence to get the lower down payment.

I kept my first house as a rental after I moved out and bought a new residence. 

@Priti AgLong-term residents often dislike short-term rentals (STRs).