@Garry C.

Property is in a class C neighborhood.  

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?

Oh, and the best piece of advice I can give is to literally write "A B C D" on your scratch paper.

Josh C. knows better than I) that literally can and probably has happened (though I guess it's not reeeeally "half a house" so much as half a lot).Is the inability to use the property to cover a default the only issue?

(I am not sure how that will go... we will see).I have to come up with Plan B, Plan C, Plan D, etc.

Work your day job and invest everything you can into your future (for me that is RE) C.

I like to always go in with multiple profitable exit strategies ... plan A and plan B (and sometimes plan D & C), all of which would be profitable or at least break even.

Theres an office building with 20 office spaces. from pictures it looks like it needs complete renovation. asking $1mil. rent in area is $15-18 sf/yr. it's off of a freeway exit in a C- neighborhood. sf is 11000 and lot is 38000sf. 

Brendon C., you could certainly get a $400k triplex, provided two of the three units were rented out and you didn't have some other serious debts.