Ideally we would do it in NC, but can a NC LLC purchase property in SC?  

I think a member managed LLC is ideal as it will allow us to share decision making responsibilities. 

Ideally, if it were me, new homes put on lots would likely turn a better profit but I could be wrong.

They work fine but hog electricity and obviously are not ideal as a sole source of heat.

Yes, the seller hasn't been the most cooperative to deal with but that's why it's an ideal property. 

In terms of the goal, if I understand your second questions correctly, we would prefer to sell off all of the units, ideally by building instead of individual units, and retain zero ownership and equity.

@Brent CoombsBrent, in an ideal world I too would pay cash, but it could be argued that a 4% yield is horrible and relying on capital gain can be dangerous; why so many people on BP have pulled out of the stock market is to achieve 8-15%.

But north of the river increases my commute and is not my ideal place to live.

You see, I am 60 years old and I had a brain anuerism and a stroke when I was 54 years old and it was totally not seen until just before that.  

How do I deal with it?