If it's a single entity corporate guarantee they can likely remote bankrupt it and walk away from the business.

But for now, I feel that in my situation, the advantages of excellent long-term financing at great low rates (especially in today's interest rate environment) outweigh the unlikely event that I get sued for an amount that would bankrupt me.

You would be losing hundreds of thousands, daily and ultimately go bankrupt.

(Call it my learning experience from building a portfolio on those who went bankrupt a decade ago)$600k mortgages contain a significant pucker factor, and I am wary of having a "hotel on boardwalk" should I end up buying someone else's problem property that is a rental rotten egg.

Worth it if your tenant stays for decades; hard to pay for if your new tenant goes bankrupt within 6 months.

Rose & Mitch,Thanks for the input.Mitch,The tool & Die company went bankrupt which caused this whole mess two years ago so instead of the cash that I was owed, I received this useless 7 acres.I still have determined a course of action.

Nobody is going to make you go bankrupt.

The city may claim to be bankrupt but it is a lot of money circulating within it right now.

There you will be able to identify the Trustee of the Bankrupt's Estate and/or his/her attorney since unless the property is exempt property it no longer belongs to the Bankrupt but to the estate. 

Save someone else from bankrupting their business because of this guy.