Even successful agents go bankrupt if they don’t have a backup plan and the market hits a wall or they have a crappy Q3 going into the winter months. 

The sponsor went bankrupt and the bank took over.

Like @Brandon Turner says in his "The Book on Rental Property Investing" about Landlords who approach their business like a hobby or a side project, "When this Landlord goes bankrupt, and he most likely will, you and I will be there to get a great deal on his property, turn it around, and start managing it like a business."

Our NIGHTMARE tenants finally moved out. They owed us over $15,000 in back rent and fees and then filed bankruptcy. (This is the 3rd time they've done this... one major reason we fired our Property Manager. Seriously,...

This is a great business, but if you don't know what you're doing, it can bankrupt you. 

If you listen to my podcast episode (in my signature, below) you can hear my story of building a house and almost going bankrupt.

So, looking for common-ground, I'd say the solutions lie in combining (1) super modest rent stabilization laws that won't handcuff and bankrupt developers and landlords but instead focus on anti-gouging; (2) enhancing rent-assistance programs; and (3) streamlining development, with crackdowns on NIMBYism.    

Would you be financially ok if the commercial tenant went bankrupt or just didn’t renew their lease and it took a year or more without rent to find a new tenant and maybe the new tenant asked for a lot of improvement concessions?

If my llc goes bankrupt worse case scenario, how does that affect my personal credit and would I just start another llc and move on? 

If and when property values decline, or even before, cities like Berkeley look like they will go bankrupt unless they can aggressively tax homeowners.