For instance, what are the rules around security deposits, eviction procedures, or property maintenance?

With a milder climate, lack of natural disaster, good economic opportunities, and decent governance, NC has a bright future.

Does the bank just realize since I own the LLC that has a 51% interest in the new LLC that it naturally flows down to me? 

He usually buys in C neighborhoods and has to do heavy rehab, but he's a construction guy that also runs his own property management company, so it's 2nd nature for him.

We are seriously considering  rent to retirement properties given the relative passive nature.

The standard legal procedure, as far as I understand in NC is the landlord must make reasonable effort to re-rent the property (which I will), and any vacant time till new tenants are found must be paid by previous tenants.

I assume you mean the ONE by you is a “natural” wildfire?

Lots of natural light.

Specifically; rules, regulations and permitting procedure.

But for many people, it is one of a number of sources of deal flow, to add to MLS listings, wholesalers, direct owner outreach, auction, etc.Assuming you are specifically talking about sheriff auctions, just make sure you familiarize yourself with the general procedures for the auction.