I loved the neighborhood and proximity of the quality schools.

Look for a SFR, including townhome, with close proximity to campus and charge rent for each additional room. 

Great schools districts, proximity to Chicago, taxes, low crime, etc.

Since I have already created the LLC and accepted by the state of NC but reside in PA, do I need to create another LLC for PA since my business is a home business and physically located in PA?

What I have found is that prices tend to be very reasonable (considering the relative proximity to DC and other downtown markets) especially if you're willing to take on a fixer-upper.

This means all of the underwriting, financial/physical/operational reviews, as well as discussed the deal with consultants (tax, insurance, etc.).

If you are not comfortable investing in markets you don't know, and are far enough away that it would be difficult to get back and forth in a pinch, physical real estate may not be the investment for you right now.

Being in such close proximity to your tenants, you'd be better off if you can make changes to the rental terms as you wish and when you wish, and not be tied to the time line a lease imposes.

Being a former physics teacher, I like to be armed with evidence.

Long Island (Suffolk County) born and raised, I currently work as a Physics teacher.