However consider a bigger picture and remember both Dev and Jerry's approaches are fringing awesome. 

I would say that some of the fringes of the good areas mentioned are seeing a lot of investor activity as prices rise and people try to squeeze the margins.

If you want to invest in Phoenix you need to be chasing cash flow on the fringe of the MSA.

Good areas border fringe areas which border terrible areas, etc. 

There are some fringe parts that can be OK, but you'll always have some issues finding quality Tenants and my buddy who owned a home there was broken into many many times.

Ones that have less desirable tenants and lower than market rents in areas with strong demand, maybe on the fringe of B to C neighborhoods. 

This entity will let you get all the fringe benefits of a corporation and write off most of your expenses, you may also decide to take a salary out of it for retirement purpose if you want in the future.With that kind of structure you get the best of both world and can adjust every year what passive or active income you get, while maximizing the tax code advantages.With these big concepts in mind, I would encourage you to consult with an asset protection and tax professional that can look holistically at your whole operation to guide you to the right structure.

It is really tough to find the piece of land you are describing unless you are on the fringe.

If you leave earnings to accumulate in a C Corp thinking you're getting around the double taxation, you'll eventually learn about the accumulated earnings tax...C Corp make sense under very limited fact patterns...e.g. foreign owners, owners that want heavy fringe benefits, silicon valley types that envision a 1202 stock sale exit strategy, etc. 

Lets look at a Defined benefit plan which allows contributions of 100% of 3 years average salary up to 200k.You could also use the C-corp to keep your income below the thresholds of phaseouts of certain credits and deductions.Certain fringe benefits are another reason and beyond the scope of this thread.All of this takes advanced planning and constant communication with your accountant.