Most business owners are owner/operators that often do not keep great books so it is a crap shoot somewhat.   

They should also be able to talk about their due diligence process in detail to give you a better idea of their operations.

Do not operate a business with a charity philisophy.

your best bet is check with a lawyer or a company that specializes in that...honestly im not sure if its a like or kind assets since your going from residential to commercial

Once you have vetted the operator and find a project you like you can leverage the experience of a real estate professional to run the day to day operations. 

If you want to invest in that area Lincolnton would be a better bet because of the new Hwy 16, lower taxes, better schools, and not far from the West side of Lake Norman. 

Quincy Miranda you need to take the Net operating income.

He checks everything though, cabinet hinges, appliances, windows, roof, basement, exterior bricks, door operation, strike plate alignment, everything.

Any entity operating and/or owning property in Ohio, must be registered in Ohio.Rental Income earned in Ohio, must be reported to Ohio.Based on the rest of your questions, it sounds like you were "sold" a series LLC by a "guru".

He's the brains, lead generator, agent, and property manager of the operation (I trust him completely, he's a rock star), I'm basically providing the money.