As we are in the Silicon Valley, some of our tenants  who in this case could be considered "Upper Class" have been from tech companies with substantial wealth/income but morally/ethically bankrupt.  

Ever wonder how Donald Trump strategically goes bankrupt so many times and yet he is personally very wealthy?

It is however a great way to go bankrupt if any little thing goes wrong and you don't have a proper cash buffer ...

This is how he became bankrupt.

There are plenty of stocks that have gone bankrupt that people understood (think GM and Woolworths).

Rocky, if you used leverage in 2005 buying rentals you would likely be bankrupt in 2008.

What happens if dad goes bankrupt or is sued or if he goes to a nursing home and all of it is eaten up nursing home bills.

According to the sellers Realtor this individual is going bankrupt so there little to no negotiation on this numbers.

The older man told me he went bankrupt last year and his credit is horrible.

.- I think the place has been nearly (or actually) bankrupt, and the association has no reserves.- The only recent "comps" I can find is the large investor buying up two units which had been previously foreclosed, then owned by another party for a couple of years.