If it weren't for our excellent credit and jobs, that house would have bankrupted us.

There are several pitfalls that will bankrupt anyone who doesn't understand the process and can manage the risk.

You are now bankrupt. 

Keep in mind that one feeds off the other, and can compound the issues over time with a rental, at some point forcing you to sell or bankrupt yourself.If you have trashy rentals you will always have trashy tenants, so make sure your stuff is always fixed and looking good.

This is self-explanatory.3) Stockton is (in)famous for having high unemployment, low property values, and a bankrupt city government.All three of these things would have to change before you could get a loan, I'm guessing.

They went bankrupt and then immediately starting accumulating more debt.  

Also you're "closer" to tourist spots like napa or tahoe and the bay.If you're baking on HSR to bring you some appreciation... you're likely going to be waiting a very very very long time if it doesn't bankrupt the state.https://sf.curbed.com/2017/8/14/16144114/high-speed-rail-map

welcome to soon-to-be bankrupt HELLINOIS.

$500 per person isn't a lot...oh unless its from a city that just went bankrupt.

With "no credit and no reliable income", you will be bankrupt before the deal is even done, if you plan on spending that entire 15k on a rental property.