Are we to believe that he had no clue this company was going bankrupt? 

Remember it wasn't too long when Detroit went bankrupt.  

Owning properties in them is more for limiting the liabilities of the members so that if they go bankrupt, the courts/bank can't come after your other assets.

I can never get behind allowing student loans to be bankrupt-able - for one reason.

Here's a section on payments due landlord for early termination (basically says all rent is still due) :If the tenant fails to pay the rent, breaches the terms of the Lease, becomes bankrupt, or abandons the unit: (1) The Landlord may immediately cancel this Lease, and shall become entitled, without any further notice to the tenant, to immediate possession of the unit; and (2) All rent under this Lease shall immediately become due and payable, and the security deposit forfeited; (3) The Landlord may sue to dispossess the tenant; and(4) The Tenant shall be responsible for all legal fees and court costs incurred by the Landlord as a result of Tenants’ breach of any term of this Lease Agreement.That being said, I would deduct from their security deposit any amount that would fulfill the 30 day notice.

Shiloh Lundahl Those "unsuccessful" people are like either bankrupt or more active on "negotiating credit card debt" forums than BiggerPockets.

Protecting your paycheck is another need especially for self-employed people that if they can’t go work their business then They have to go bankrupt or at least get into a lot of trouble with their  credit rating.

I actually checked out one of the properties that company had when it went bankrupt on behalf on one of its investors.

This is a risky amount of leverage, you must work rapidly to get to a 30-40% equity position to minimize risk.This deal will be a game changer for you if you do it, it will make you wealthier or make you bankrupt.  

By 2010, he was bankrupt.