Statistically, the average agent will sell only a few houses a year.

I guess this info will not be available until I join the local MLS but if any statistics available out there that I can look at(days on market, values over the past 12 months, etc) that would be great.

I tried searching for official statistics but couldn't find anything.I told the caller that each applicant would have to be on the lease, each would have to qualify with good credit and references, and each would be jointly and severally liable for rent, should 3 of the tenants move out.

Your best advice I believe and I would agree is to always consult an attorney when you are assessing your risk.You almost sound like an insurance agent, LOLThe only part I agree with that you mentioned is to see your attorney and that values may be different in different jurisdictions.I'd say the only ones on this site that can evaluate similar cases would be attorneys, certainly no layperson can make such an evaluation.When I had my insurance brokerage I also did finance work and estate planning with an attorney (who later became a judge) I did valuations for him for loss of work, loss of an eye, arm, leg which are pretty well statistically set, not wild determinations.As I said, costs of defense are insured, the attorney gets paid.If you are exposed to 50M in losses, insure for 60M.If you are under insured, you have a loss and your assets, like you said could be liquidated, but not all your assets, some assets are protected in BK.

Statistically, 4 out of 5 new businesses fail after the first year.

This land is in an urban area of a fairly big city but I do not know the statistics and the neighborhood in the area.

Statistically on every foreclosure the banks lose about 30% of the loan value. 

Obviously a bad idea, but statistically some people will get away with it, then come on the forums and say exactly what you mention, perpetuating the cycle.However as you start acquiring more properties, which I'm assuming is most people's goal on here - to have a substantial amount of passive income - the more individual properties you have, the more chance of at least one big ticket item each year.

The area with the high density red dots is 55411.Minneapolis shots fired - June 3-9 2014http://www.ci.minneapolis.mn.us/www/groups/public/...Here you can look at more periodshttp://www.ci.minneapolis.mn.us/police/statistics/...I don't personally know the area all that well, but it would potentially be one of the more challenging areas of Minneapolis.

Just don't be a statistic.