If there is a recession or correction in 2023 (who knows, but it's possible), those who are terribly overleveraged will be either dumping properties for a loss or bankrupt. 

(unless your tenant goes bankrupt)

This could bankrupt us. 

If not, you're going to have to do some serious digging.With that said, yes, if you are successful in garnishing, there is no reason you should not get every cent back, until the person either goes bankrupt, homeless, or disappears entirely.

I want to figure out a niche that works for me without having to bankrupt myself.

Ooorrr you can just keep doing the trial & error thing and you might not go bankrupt and may survive and figure it all out in a a couple years or so.

If I used the 1% rule I'd be bankrupt.

If you refinance and it forces you to go bankrupt then we aren't doing that.  

Just because someone leaves you something in a will doesn't mean you're required by law to take it.. if the estate is effectively bankrupt, you don't have to bail it out.

They told me they are on payment plan for 5 years.. 2 years left to go.I dont know they went bankrupt though.. i have read some positive points about this situation.