Depending on the equity that you have in the property, you may consider an LLC as an asset protection tool.

Gray collar neighborhood with 45% residents speak English 7% went to college,  probably a good rental.

Sometimes, Additional or accessory  Dwelling Units are allowed but local owner must still occupy the residence.

I'm new to co-wholesaling and would like to protect myself on all fronts.

We currently reside in Charlotte, NC, but are planning to pack it up and move North to get closer to family. 

Also, am I correct if an LLC is registered in a state that has no state income tax I won't have to pay income tax on the rental income even if I reside in a state that has state income tax?

If you own a primary residence you could take a HELOC with interest only rate. 

I had a friend actually keep his flip for his primary residence as his wife fell in love with the property and they had a baby on the way-however he used his own money to flip so he didn’t have to pay back a HML.Thank so much!

You'd  likely be even more screwed if protected class.

I also had that one broker mention a renovation loan, something I am not familiar with at all, but maybe its close to the same as a construction loan for a new house which I did do when we built our primary residence.