Most want experience, coupled with personal/business credit.

I know Walter personally.. he knows a lot about real estate from many angels..

While personal circumstances can vary, it will be a unique situation indeed if $10K in debt should force you to declare bankruptcy. 

best of luck. make sure you are speaking to a knowledgeable person in your area as you might be getting false information

If you see work crews reaching out, ask the person in charge of securing housing where they go looking.

I have to usually explain that just because the owner made xyz does not the next person will or even care.

I think they contain solid information and will help lay a good foundation as a beginner (Haha, I'm completely new to real estate as well, btw)I'm also going to be reading the following books, and hopefully I can finish all by the end of this month:1) The ABCs of Property Management2) The Advanced Guide to Real Estate Investing3) Long-Distance Real Estate Investing How to Buy, Rehab, and Manage Out-of-State Rental Properties (this might be the most important one to me personally)4) The Book on Investing in Real Estate with No (and Low) Money DownIn addition to reading, I'm consuming crazy amounts of youtube videos, and I'recommend you do this as well.

The person they consider having the deep pockets. 

Quote from @Allen Berrebbi: Quote from @Dominic Mazzarella: I have personally owned and managed a multifamily property in Illinois and after selling it I said I would never invest in that state again.

PreREO I believe was run by the same person who owns AHP (American Home Preservation) - which has a lot of chatter on BP that you can search.