I also went to undergraduate in PA and grad school in AZ, and in both locations large apartment complexes were being built, and the local landlords couldn't compete in one location because of over development by the large corporations.  

We have the location, hiring the staff, building out, etc. but with our corporate structure I'd like some advice. 

If a regarded entity owns it then the entity pays the tax and gives you a partnership or corporate return with the tax being paid.  

The landlord, or any person authorized to enter into a rental agreement on his or her behalf, shall disclose to the tenant in writing at or before the commencement of the tenancy: (a) The name and address of: (1) The persons authorized to manage the premises; (2) A person within this State authorized to act for and on behalf of the landlord for the purpose of service of process and receiving notices and demands; and (3) The principal or corporate owner.

Would it be good to make it as a living trust or under corporation to have enough for expenses and distribute rental income?

One particular strategy that interests me a great deal is short-term corporate rentals.

Lets say one makes 100K in a corporate America on W2 (which is about 6K per month after taxes).

My wife's business utilizes Corporate rentals quite often for her employees. 

This has saved our butts probably 10 times with slippery tenants.In one very recent instance, a commercial tenant edited the lease to swap a Corporation out for his personal lessee status (AKA removing him as a guarantor), and literally added the Landlord's signature on it. 

They are the new home buyers, trend setters and corporations are moving to where they are.