And many instructors were bankrupt real estate investors."

Prior developer went bankrupt during the crash.  

Companies and individuals go bankrupt because of cash flow problems.  

Don't beat yourself up so much, you did fine ... you won't go bankrupt on this deal and you won't likely hit a home run on it either ... you'll learn a ton and apply that knowledge to do even better on your next one.

." , or "You will go bankrupt if you try this..".

It will cost a little more, but not having that coverage could bankrupt you or ruin you financially for a very long time.  

Bankrupt!

And you should have an iron clad partnership agreement drafted by an attorney, that details all aspects, like how does a partner get out, what happens if a partner dies, goes bankrupt, goes to jail, gets divorced, etc. 

Having been reading the forums for a while, I've seen lots of successful real estate investors here who had 'some' stage, gone broke and bankrupt either due to real estate or other circumstances.

But it can also bankrupt you.