As the others here mentioned before, it's critical to check with the local planning commission and city/county governing bodies.  

I would give him notice, and show up with your set of keys to let the work be complete.

But keep searching sir and you're bound to come across something... and being ready to grab it when you find it is a big key as well because everything in Charlotte that even appears to be a good investment gets snatched in a matter of hours these days.

Definitely speak with key non-recourse lenders like First Western Federal Savings or North American Savings bank about their programs before developing a strategy. 

And 36 Other Key Financial Measures, Updated Edition3.  

Aside from property taxes, and analyzing rents in the area what other key factors should I be looking at to establish cap rates and potential profit?

Traditional bank financing which has been the key for us.

You don't find those deals on turn key investments, they do require more work.

But the weird thing is no body knows who pays taxes, even on record the seller said; "yeah I was confused about that for the past 10-15 years"

turn key and self manage What was the outcome?