Hi Chris, we manage properties in Albany for clients living all over the country, and we find the biggest challenge for many owners is just the psychological challenge of turning the reigns over to a property manager, since many feel obligated to stay involved in day to day operations even at a distance, which generally doesn't pair well with professional PM. 

Property tax can also be an outlier, get in touch with the county/city to make sure your estimating your future tax obligation correctly.Get it professionally inspected. 

My question is, is it better to file it under an S-Corp or an LLC, what are the major differences, does it matter if I rent it out or flip it?

While I don't rent out in this niche, I used to arrange corporate apartments for coworkers on 6-month assignments. 

In addition, if your tenants used an agent for this new construction purchase, they may still be obligated to pay commissions to both the site agent and their agent if they cancel the contract.  

Last month I was let go from my regular job after a corporate buyout.

Please note that you are obligated to pay back their 401k (regardless of the performance of your real estate investment).As an alternative to taking the loan, you could even purchase the investment property directly using funds in your Solo 401k (assuming you select a Solo 401k plan provider which allows you to invest in real estate).

Do I have a moral obligation to spend the time tracking down the family? 

Hi everyone,I am looking to get some advice on potentially setting up a corporate structure.

I just hate wasting their time when I am obligated (by blood!)