Fewer than 50 units, but I have survived the Great Recession and am personally debt free except. 

I figured that the only way to survive in the city was to buy a duplex and live in one side and rent out the other side.

I was fortunate to have cash investors and partners so I not only survived but thrived.For commercial properties - things were even crazier.

I feel like life has always given me what I have needed to survive but never been very generous with money. 

I want to hold on so bad but when my real estate agent heard those two apartments were leaving he immediately jumped to selling since I don't have the cash income to survive.

A capitalist corporate society is not predicated on bail outs, but it's predicated on Fiscal Conservatives who will survive and thrive via bankruptcy, mergers, and buyouts, not "bail outs". 

Yes foreclosures wipe most junior liens however there are some that survive such as HOAs depending on whether the state is a super lien state or not.

And, Airbnb ventures survived just fine as they readjusted their marketing to "be in the middle of the action." 

In fact, That is the same statistics for normal business or Retail business. 97% fail, breaking it down from 100%. 84% fail in the first year or 2, 13% end up surviving for 5 to 10 years ( breaking even or barely making it) and 3% succeed. 

Also if the report is clean or has liens that survive foreclosure an alternative is a deed in lieu.