I changed to doing a quick vetting and making certain they met my criteria, just in case they overlooked my posting with all caps about income requirement/credit/evictions/bankruptcies, etc.

but again not predicting this however folks that are new and not saying you are .. they just don't know this happened.. this 08 to 2011 meltdown put many great investors into bankruptcy or total losses this is why there were so many good opportunities coming out of the melt down.. and especially if you happen to be in Michigan or Ohio.. those markets froze like the south pole.

Which includes a copy of the front & back of the cancelled check, you can usually get this directly from your bank, and a printout on your account (online banking is ok as long as it identifies it’s your account with a name or account number) from the date of your last bank statement through the date your Earnest Money check cleared.10.Name and phone number of your homeowner’s insurance agent- I know a great agent if you are interested in a name or a competitive quote.11.A full copy of bankruptcy papers, divorce decree, or court-ordered child support if applicable.12.If Gift Funds are used, a signed gift letter that we provide you and proper proof of the donor’s ability to gift the funds.

Wanted to find out what people think of this line of thinking :  1) All your buy and holds are a business  2) You borrow money with a downpayment, just like in any business you would have some stake (say a VC funding) and then borrow major money from bank for your business. 3) You give the profits back to VC (so in this case the VC is the person giving your downpayment, typically yourself on the downpayment amount that was provided. 4) You take a portion of it and grow your businessSo say you buy a 100K property with 25K down, now 25K is the money you have loaned for your business on which you expect a return say 8 or 10% or more depending on the net cashflow and profit of business that comes from the rental income.I love this way of thinking, EXCEPT in a business when things don't work, you declare bankruptcy, the VC loses his initial stake (downpayment) and the banks loose their funding as part of bankruptcy vs in a typical SF Fannie Freddie loan you CANNOT declare that and you would still owe money to bank after the business assets have been liquidated (property has been sold etc.). 

It's the equivalent of saying you are going to drop your Amazon prime membership, Amazon won't be filing for bankruptcy, anytime soon as a result.

Bankruptcy and foreclosure court is full of those types of people that did not sharpen the axe before they swung 

The second issue is a liability as, in theory, the LLC provides a layer of protection in that the potential claimant can't penetrate into your personal assets; the LLC would simply file bankruptcy, and that would be it.

I had to claim chp 13 Bankruptcy 5 years ago due to my injuries years and have not accumalated any new debt in my name.

There are always "life events" death, incapacitation, illness, divorce, job loss, bankruptcy and incarceration.

Had their own house, were foreclosed on, I think there was even bankruptcy, although I may mix this up.