To clarify with everyone, I am active duty military and have a great(ish) income, retirement and a little bit in savings so this 120k would not bankrupt me if it got mismanaged.

It is an easy way to go bankrupt in a heartbeat if you don't have any other revenue stream.

If anything happens after the purchase, you are stuck and going bankrupt in a heartbeat.

If you can get enough equity built up in that time, then you might not go bankrupt. 

With interest rates at historic lows, banks want to lend but you need to be sure it something you can take on without being over leveraged or going bankrupt.

I'd say the range is anywhere from making several million dollars to going bankrupt and living under the bridge. 

The days of sitting on a corner waiting hailing down a taxi cab are over though even if Uber goes bankrupt tomorrow.  

Chicago's finances are beyond bankrupt, and the City has a law that allows it to increase taxes at the rate of inflation without running to City Council every year.

Otherwise, you'll go bankrupt in legal fees protecting your corporate veil .Keep your property(ies) in good repair to minimize the chance of getting sued.Equity stripping is another way to limit your liability. 

I would be cautious in going for a extremely run down place, there are many places that could make you bankrupt.