Questions I'd have if I were in your shoes would be based around how the CAM expenses, management, taxes etc are going to work. 

This is a tax term that the IRS uses.

I did a credit check, criminal background check, got pay stubs, required income 3x rent, and got employer confirmation and prior landlord reference (but I never got in touch with the prior landlord successfully)

Keep in mind you will also likey be paying transfer taxes on assessed value of the property in order to complete the transfer even if transferred for a $1 or a "nominal amount".

Tax BenefitsMy guess is if it doesn't cash flow, you will make money the other three ways that you wouldn't otherwise be able to if you rented.

A multi-member H/W LLC in NC will require filing a partnership tax return.

If a property owner is not paying HOA dues and fees, the property taxes are probably delinquent.

While some use floating rate debt, for say, corporate unsecured lines of credit or capital commitment facilities, they also tend to use Swaps versus interest rate caps, and often times will build interest rate collars on their floating rate debt.  

We understand we need a lawyer to create a warranty deed but we have some confusion on how to handle to tax portion.

You can make this election at the same time you file your taxes by filing Form 1120S, attaching Form 2533 and submitting along with your personal tax return