I guess my question to the experienced investors would you have both in your portfolio?

: Due to the condition I beleive this would be a job for a very experienced rehabber.

As well as the general condo risks)I would recommend against the shell idea unless you are an experienced rehabber. 

I'm closing on my first properties within a few weeks and I spoke to an experienced real estate manager who recommended getting a work cell phone, however someone else said all I need is to add another work number which forwards to my personal cell .

Try to find an experienced investor or two who'll allow you to velcro yourself to them to gain working knowledge.

I'll stick with our attorney who understands how the custodians work and are educated and experienced with Power of Sale (NCGS 45), private lending, NC SAFE Act, etc.

You're not experienced enough to make a thin deal work.

I've done a little bit of research on this but I'm wanting an experienced pro to look at my specific situation to advise. 

For the more experienced investors out there, please share pros/cons. 

This is not a beginner market its one of the more difficult municipality in the entire country to work in even experienced rehabbers pull their hair out The value of this property your offering is probably pretty close to zero or negative My clients pay 10 to 30k for these as is then put 80 to120 into them.