In this paper, a method to design regular (2, dc)- LDPC codes over GF(q) with both good waterfall and error floor properties is presented, based on the algebraic properties of their binary image. First, the algebraic properties of rows of the parity check matrix H associated with a code are characterized and optimized to improve the waterfall. Then the algebraic properties of cycles and stopping sets associated with the underlying Tanner graph are studied and linked to the global binary minimum distance of the code. Finally, simulations are presented to illustrate the excellent performance of the designed codes.