Obviously this is a huge concern, as a tenant could sue you as an individual for liability of the property, and in a country like this that could bankrupt you.

haha , if we think about it and using the this analogy then that's the reason why most bank/lenders should be bankrupt  by now because they are borrowing us money with 2% rate and the debt is so low for asset that's increased a lot.

The previous owner went bankrupt in 2010 and moved back a few cities away.

ThenGet the trustee that want's the security deposit back to have his bankrupt client sign they vacated the unit,and current tenant sign that they acknowledge also, and they agree for security deposit to be sent to bankrupt tenant.  

I used Design Appruv on my first ADU and they have since gone bankrupt and stole everyone's money :/...so don't use them, but do look up their Yelp reviews if you want a good chuckle.My buddy CJ just left ADU Geeks and is starting his own company - I think for quite a significant discount. 

This way in case one partner goes bankrupt or insolvent the bank looks to the other partner to make good on the whole debt.

You also should have audited financials done (which will cost $10-$15k so a $450k fund makes little sense)Can you get away with not doing this, yes but if it goes bad and someone gets upset and files with the state regulator you will basically go bankrupt with the fines (and potential prison time).Lastly you have to file a form d with the sec BEFORE raising money and you also have to file each time you have a new investor in that state.My recommendation is get an attorney like yesterday.  

If that bill would have passed the county would've probably gone bankrupt.  

HAHA I was 100% wrong with COVID and Bitcoin as well (I was correct about NFT's though).I also thought Tesla and Facebook would go bankrupt and never make any money. 

All of my rentals are stuck using Louisiana Citizens Insurance (state sponsored and 3x what I was paying before the insurance companies all either pulled out or went bankrupt).