Once the hedge fund who had come in to cherry pick many of these from a bankrupted owner moved out and turned over the HOA to the owners, the HOA fees skyrocketed since reserves were too low.  

@Thomas Nguyen In my own opinion if you do not know how to conduct a negotiation for a property, its time to step back and increase your knowledge so you don't end up with a pig that is going to bankrupt you.A quick search will give you loads of information on negotiation with sellers. 

,My investing group has success story after success story of new people coming in with no money (bankrupt, unemployed - sometimes for years)  and no credit (how does 420 grab you?)

Remember, most people go bankrupt because of a lack of cash flow, not a lack of assets, so I choose not to tie my hands.

What is the most expensive GC telling me it will cost, and would that hypothetically bankrupt me?"

Can we salvage something of this without going bankrupt?

If I had the money to spend when I was 23 I probably would be bankrupt.  

So there should be very little to no interruption in service if they were to go bankrupt.  

During the financial crisis & real estate meltdown, many solvent companies/people went bankrupt because they didn't have enough liquidity, and therefore defaulted on their obligations, and some/many (technically) insolvent companies which had a decent amount of liquidity survived the crisis.  

It's the only reason I didn't go bankrupt.