@Stuart Udis I understand the importance of having the funds for repairs, vecancy and any issue that may happen.

Also know that building a home seldom goes as expected - I have relatives that just built a nicer house… they thought it would take 9 months… it literally took 18-24 months between delays in permitting and the builder just not being able to get it done in a timely manner - often due to sub-contractor issues.  

I doubt if you'll have any issue with your hold period since it is all about your intent anyway.

Markets with less growth during COVID-19 and a continued shortage in supply will fare better, as new construction home prices will make existing inventory more attractive.The tariffs will have a more significant impact on rents and property prices than immigration issues.

What issues would there be if I put MY NC house in the LLC that has his name and my name on it?

There's a good chance the issue(s) you face has already been discussed and answered.Ask questions in the appropriate forum.

Since you’re considering converting the upper unit into a short-term rental, you may also want to implement strict rules around smoking or strong odors in your house rules to avoid future issues.

An other advantage of paying with credit card may be that you will not have to send the provider a 1098 tax form (only an issue if the total yearly amount is over $800). 

@Ryan BroschardHi Ryan,You have hit a common issue many new investors fail to anticipate.  

Managing a property hours away can be challenging if any issues arise, but having a third-party property management company could help handle those situations and make things more manageable.I think you are in the right place to gain some insight on what would make you successful.