They will likely be signing.If one doesn't want to sign, best is ask the lender where they need to be to be relieved of the obligation and simply rely on one partner, I've seen both sign as partners and only one with a personal guarantee, when that one is strong enough.

Don't just strike off setting things up yourself without a deep understanding of business matters and legal aspects, get qualified advice from your attorney and tax advisor along with your insurance agent, those three advisors should be a part of any type of business team.

BK, if discharged and the debt is not reaffirmed, simply relieves the owner of personal liability.

Once you get deep into the information, then you'll be able to ask for good advice.

Unless you have deep pockets and you kick all the tenants out and re-hab all the units, you will end up following the last landlord into another power of sale.

Way out on the plains or deep in the mountains?

If you're not getting it for a DEEP discount, then you are worth nothing to an investor/buyer.

As it stands with this detail there is no reason to expect a deep discount.

@Terry Jeffery There are some great REI groups here.I'd recommend going to the Roddy Round Up which meets in Addison.George and his family have very deep roots in RE here, and are good people.

We do update if it is extremely old/poor looking but as long as it is average we will just deep clean it and leave it.Vacancy is almost never an issue since the area is highly desired, close to highway, shopping so we typically rent at market rent or sometimes 50$ below if they are willing to sign a multiple year lease.