Under some circumstances, a corporation may be appropriate.

But there could always been circumstances where a shorter or longer hold period might be appropriate.

I think there's some form you can sign stating the extenuating circumstances around a delayed move in.

Sell your interest to the heirs for an amount which is reasonable under the circumstances.

Circumstances change.

Inexperienced or conservative investors do not grasp the concept that every property has two distinctly different income streams.

Hard to say without more information about your circumstances. 

The belief that the IRS will accept a few hundred dollars for the removal of a lien in which significant equity exists is based on a fantasy of urban myths or examples in which very unusual circumstances existed.In most cases, after a long drawn out process, the IRS may accept less than face value of the lien if the property sells for somewhere in the general range of its appraised value. 

Are there any distinct advantages to one or is it more based on my credit score, debt to income ratio and down payment as to which may be more advantageous at the time of purchase?

IE your taking over existing debt then as stated that is called an assumption.. which can happen but most lenders are pretty tough to get those to happen.. you can take title sub too but that creates a whole nother set of circumstances and things you need to be cognizant of.