Sponsors and investors that recognize that social and cultural conditions could also negatively affect their assumed 30% IRR would have a better chance of survival if and when the apartment bear market arrives.

Number 1 thing for both investments to survive long term is Risk Management.  

I enjoy my job but always think about what I can do in the real estate field that would give me a pay check to survive as I only have two rentals, but will help speed up my networking and real estate skills (maybe a mortgage officer or property manager) Any ideas are great :) (I have a bachelors degree in business administration and a year away from my mba) if that helps?

Using the most recent housing market crash, Ortner and Rand describe how their patient and lng-term mentality helped those who were most affected by the recession survive financially by staying calm and managing what they did have rather than make up what was lost.

Besides, if you tie your house to the foundation you are unlikely to need insurance anyway unless the "big one" hits and by then, the concern will be physical survival (water, food, heat, AC) and fending off the hoards of people who didn't have insurance that want what you have.

There is no reason to go judicial as there are no surviving obligors on the note.I don't usually agree with Minna but in this case, I'm 100% on board with her and her points.

Keep your retirement account separate from investing in real estate.Additionally, if I were you, I will figure out or learn the following:Learn how to acquire apartment buildings with as little cash as possible (there are many creative financing techniques)One of these creative financing techniques is doing owner financingIf you have good credit, explore getting a business line of creditSuccessful real estate investors or real estate investors who have survived the downturns of the real estate cycle are CONSERVATIVE investors and they are wise with their money.

There aren't enough MFR turnkey options for a TK company to survive on just those.

How would any business survive by paying their clients do work for them?

Wayne the OP indicates the LP was from the city of Chicago, assuming from code enforcement liens, which would survive the lender's foreclosure?