S-corps are created to mitigate the self-employment tax that comes with LLC.

@Margaret Jay  It depends on how much coverage you want, how old the building is, the type of roof the building has (wind mitigation report will be asked for), owner occupied or no, etc. 

The goal is to have as much documentation as possible to mitigate the risk of the seller and educate the buyer.

Ask if you re-submit the landscaping plans will that hold up the entire project.Ask what mitigation steps might be necessary. 

Re lease break fees.... check your local laws - it is usually only 1.5x rent and you have to mitigate damages in good faith 

Additionally, it would be advisable to seek guidance from experienced professionals in this field to mitigate any potential risks.

And if so, what steps should I take to mitigate risk? 

Or know how to draft contracts for contractors to mitigated by their normal downfalls.

If done right- you can make a better return than you can with A Class and B Class rentals.I personally invest in some D Class because I'm confident that we can mitigate some of the risk with quality management processes and familiarity with the broken Philly regulatory environment.

New development is certainly an obstacle we face in most asset classes, so we do our best to mitigate that possibility by buying in strong, growing markets, with strong current demand.