Our current home was a model home that we purchased from a builder that went bankrupt in 2009, naturally we got a decent deal because of this (in hindsight we probably could have gotten a better deal but we were very pleased at the time with our purchase).

I don't want you ending up bankrupt on the ordeal.For rehab teams, etc.

I've had 0 vacancy (not even a month) on my 3 rentals in 4 years and each one turns over every 18 months on average. 3) Taxes are crazy low4) Landlord friendly state (Just evicted a tenant and from start to getting his A out- 3 weeks)5) Indiana is not going bankrupt and raising our taxes 

The time you violate it, will be the time your working for free, losing $, or god forbid, going bankrupt.

This takes time, and some of the issues mentioned may not start showing up until years in (for example underestimating CapEx because you think it should be a percentage of gross rent, but home depot or your contractor doesn't ask you how much your rent is when calculating your bill), so if you ramp up and leverage way up in the meantime before you learn these lessons, then these risks can be amplified especially in a downturn ... this is how some new investors go bankrupt and some others burn out before they learn.

The seller says they are bankrupt. 

Everything else in this business is easy, but couple of marginal deals can easily get you bankrupt.

It had been a mobile home park before so there was lower development fees. bankrupt  A developer had purchased but then went bankrupt.  

After the renovation of the clubhouse i presume they went bankrupt because this was 2 years ago and the club house is completely empty.

I spoke to the seller, and even though none of his 5 properties can possibly be covering their expenses, he doesn't realize he's going to go bankrupt.