LLC is passthrough entity for tax purposes, unless you elect to be taxed as a C or S corp. 

I am wondering if maybe the rent is too high (although its in the middle of similar comps in the area), or the location just isn't desirable right now (I'd say it's a C or C+ area that is starting to change a little for the better), or maybe my minimum requirements are asking too much of the types of tenants that rent in this area.

I wouldn't take C or D if ya gave it to me.....

***Only exception is if an owner has plan & funds to reposition Class D to Class C or higher.https://www.biggerpockets.com/forums/776/topics/960183-what-they-dont-tell-you-about-cheap-rental-properties?

It is hard to find a good cashflowing deal, you would mostly bet on growing equity over the years, just like Toronto, NYC, SF, LA or other expensive coastal market. 

We don't personally have any investments in Englewood, but we work w/ clients who are making a bet on Englewood because of investments of companies like WholeFoods, which will help improve the Walk Score.So in short:  It's only one of many metrics you can use to assess the viability of a deal depending on your investment strategy.  

As mentioned above single family rentals, eventually maybe apartments, flips or buy and sell on contract are a few of the investment vehicles I'm looking at.Some of my questions just off the top of my head are should I set up an L.L.C, how do you structure them so people can't peirce the corporate vail,  do many people set up C or S Corps? 

I treat it the same as any other surprise found on an inspection, termites, foundation, A/C or heat issues, they all have a price to repair. 

At best you put 40k into that 20k property and you have something that looks like it belongs in a C or B neighborhood, with half the price, 1.5x the rents and the tax burden is 1/6th of what you have in those areas.

***Only exception is if an owner has plan & funds to reposition Class D to Class C or higher.