Personally, I run comps on so many properties a week it would bankrupt me if I had to pay for each one.

I know it was just purchased and im sure you have some comps for 50k-55k (possibly during covid), but this seems far from a sure range. operating costs seem to be around $2500-$2800 month assuming self management. nobody is going bankrupt doing this, but im a bit skeptical on this holding up personally. 

contacted a real estate agent specialized in bankrupt properties How did you finance this deal?

Of all the homes I bought @ 18% I wish I didn't sell a few whenever finances tightened & co-workers told me I'd go bankrupt on the junk I was rehabbing.

Depends on how risk adverse you are. the City of East Cleveland (different entity from the City of Cleveland) went bankrupt decades ago, and unless things have changed since I moved south, shows no signs of ever recovering.

Your first deal could bankrupt you if you don't follow that rule. 

Unions, concerned with job preservation in companies they helped to bankrupt through wage extortion, helped get reorganization legislation added to the bankruptcy code, allowing companies to continue operating (and employees continue working), while creditors were shafted with court approved cram downs, essentially allowing courts to approve creditor payments in reorganization less than they would get in liquidation.Consumer advocates, not happy with just the original purpose of bankruptcy, were able to pass various revisions, which resulted in individuals being able to obtain hugh amounts of debt for consumer goods and living expenses, and turn around and discharge those debts in bankruptcy, no matter how high their income.  

If there isnt a long term commitment where he takes you to collections and destroys your credit for quitting early, $700/mo invested in yourself will not bankrupt ya or matter much 5 or 20 years from now. 

I wanted those who see this forum/post to be aware our rates are dramatically lowering, due to gov't stimulus reimbursements to hospitals no longer being paid out (nearly two dozen hospitals actually went bankrupt or outright closed in 2022).  

A bankrupt HOA can severely impact the value of your home and the others in the community.