I personally am doing both.

If you aren't local and don't have a trusted boots on the ground right hand person I think your decision to hold off is the correct one.

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Hi I am hoping to purchase my first rental property and have already set up an LLC for all of the tax benefits that it brings.I was hoping to get a mortgage to own the property in Charlotte NC under my LLC's name with a personal guarantee. 

Just my personal opinion and others with more knowledge could prove my wrong, but I would say that you should buy if the rental numbers make sense based on current conditions and don't expect much appreciation.

(I may also be able to pull a HELOC on my primary home)I will rent the property between $1200-1400, I will immediately get a LOC on the rental property to pay off my personal LOC and Credit cards.

I always prefer speaking to folks in person for networking purposes.

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Then look for that persons name to see what other properties they have bought.

One of those things would be to form some type of entity that will protect you personally from filing or a judgement you might have against you or your business.Never try to do everything yourself unless you have the talent.