I'd assume that the market land price would be a better indicator.  

.- build your credit (no more minimal payments, open small accounts and pay the statement balance in full)- build your capital (as a freshman in college, I know there is a need to go to social gatherings, etc. but save now/make it big and soon you'll be invited to all the social gatherings)- connect everywhere. awesome of you to start here at BP.

If you're looking for a good investment property, the 1% rule is supposed to be an indicator of that (though its not always accurate). 

In these cases, the appraiser will indicate he/she was not able to access the property and their value assigned is reflective of a lack of access. 

Does anyone have any advice for which type of company (LLC, S-Corp, C-Corp) would be best for this in terms of liability and minimizing tax liabilities?

The property needs minimal rehab.

Sounds like they are trying to rush you into making a decision, which could be an indication they want to hide something.

Asking price is not necessarily an indicator of market price.  

If you have a title company on your team they can typically have similar information that will indicate the equity. 

The software cannot identify key performance indicators.