To become a true business owner or investor, you need to leverage your time through others.

Your son is responsible for making payments on time or ruining this seller's credit. 

I've just heard that from many people over the years.In general, SC is experiencing an economic renaissance, so it is a good time to invest here. 

Here's an ideal PM contract: The two keys are: The PM is incentivized to make you money, not charge high fees, and is contractually bound to provide reporting that you can understand in a timely manner. 

While they might not be the cheapest - no HM lender is "cheap" - they do a good job at what they do.

I am unsure how you think this can recover a negative equity position any time soon.  

Depending on how long it takes you to save up the amount, you might want to also allow for inflation on that amount for your continued savings.[2]   Read Rich Dad poor dad.[3]   Think about getting a second job - possibly a temporary job - save a 100% of the money.Just my 2 cents.

Would you be better off selling and purchasing a less expensive property that would require less carry should it become vacant for some period of time?

There are many nuances in any one market that take time and knowledge to really understand.

Also, focus on 2 years of job/income stability.Class D Properties:Cashflow vs Appreciation: Typically, all cashflow with little, maybe even negative, relative rent & value appreciationVacancy Est: 20%+ should be used to cover nonpayment, evictions & damages.Tenant Pool: majority will have FICO scores under 560 (almost 30% probability of default), little to no good tradelines, lots of collections & chargeoffs, recent evictions.