The reality is at the beginning of your journey you should be happy to get on base.

-Getting a base-hit deal that is going to keep my relationship intact is the #1 goal.

4) any Charlotte based resources that come recommended to help me structure this properly?

However, in some counties, they may reassess based on the LLC's sale price.

Based on your description of the situation, you're not going to cashflow while you live there, but the question you should really ask is, will it cashflow after you move out? 

If you are looking for something in the 100-200k range (based on the capital you have for a 20% down payment), places like Ohio or other places in the midwest are great opportunities.

Never re-glazed tiled walls before but based on the cost of the tub and surround I would imagine it would be about the same so your prices are probably spot on.

Of course, the rate can be slightly steeper than the conventional loans where it is a full document loan, where they need to qualify you based on your income.Alternative way, is to acquire the 2nd property as an investment property with conventional, while putting 15%-25% down payment.

Base don what I am saying, what are you all seeing as good/bad for this deal? 

Are there other markets I should consider based on my criteria?