And now I'm concerned that this tenant is going to file for bankruptcy. 

If that scenario doesn’t include financial suicide, bankruptcy, death, or something similar, then knowing that I’ll be ok in the worst situation helps with pulling the trigger. 

I suspect many many folks have tried this and ended up in bankruptcy and basically ruined their credit life for a decade... so like U said one must be very very cautious with this approach....

This was a couple of years before covid, but it took him about 1 1/2 years to get them out, and he came very close to needing to file for bankruptcy in the process. 

He declared bankruptcy for all our credit card accounts but  only for himself and specified i was not to be included in that process or notified. 

We'll then write a promissory note for the amount, maybe attached by mortgage (if not, a lawyer said attaching a judgement lien upon default isn't too hard, provided no chapter 7 bankruptcy filing).Has anyone done this post closing?

We are also seeing a steep rise YoY in bankruptcies across all chapters (both business and personal) which is another indicator of not only the direction of the housing market, but the general economy as well. 

Leading to stagflation and bankruptcies.

Sometimes you can file for bankruptcy for the entity and not have to file a personal bankruptcy. 

The first red flag was the bankruptcy.