There will be a few headaches and learning experiences, but most won't bankrupt you.Class C has more headaches and higher chances of making huge mistakes.

Thanks in advance.How many negative cash flow properties can you buy before you go bankrupt?

Work hard or work smart.And if you think California real estate will ever be worth half of what it is today based on a one time event during a global depression that saw entire countries go bankrupt, you're view of history is very limited.

The leasing broker has to work a crap ton for their fee to get them to your site over others.If you decide all you can get is a higher risk small to no credit tenant then you may want to only start paying the fee once open and first months rent received on time and have a clause if the tenant goes bankrupt or closes the fee is no longer owed to leasing broker.

It's hard to go bankrupt when you're not in debt.

Make a mistake with a flip or out of state investment, and you can easily go bankrupt (especially when you’re first starting).Plus, if you decide to do one of the other strategies in the future (such as BRRR'ing or out-of-state investing, etc.), you'll be much more prepared to do it if you have a few HH's under your belt--a ton of the lessons you'll learn from a HH can be used to succeed in other areas of real estate ...in fact, I'd say that a HH should be a necessary prerequisite to the more advanced strategies (like out of state investing, BRRRR’ing, flipping, etc.)!

How are you going to refinance before the grace period is up.In the past, when I read people on BP or hear stories of people using credit cards for real estate and then share their story of how they defaulted or went bankrupt, my response is usually not very polite and it is somewhere along the lines of "oh really, would have never expected that to happen", and it goes on the list between rubbing a polar bears belly and getting mauled and sending $1M to my nigerian cousin in order to collect my inheritance and not getting anything back.

Reading tons of stories right now about these folks going bankrupt, investors losing it all, etc. 

I'd hate to see you start with a BRRRR for your first project, take on something too big to chew off and go bankrupt and/or spend a year and a half on 1 project when you could have done 5 single base hits in a given year and built up a whole lot more networth in my opinion.

If you do any of the partnerships you have the risk of the Developer relationship, the risk of the development going bankrupt, risk of the market not being conducive to your product.