For one, we just completed a trial and the owner will have to pay over $17k back to the community through a bankruptcy plan, which has been a very long and costly battle.

Hey Michael, With foreclosures you need to wait 7 years in order to get a conventional loan (it's a different story if it is a pre-foreclosure, deed in lieu of foreclosure, short sale, bankruptcy, etc).  

Owner filing bankruptcy, one loan found on home.

I think the seller just filed bankruptcy.

I looked online and everybody acts like they do foreclosures, but they really only do bankruptcies once I called a number of them.

My brother owns a condo in the Fayetteville, NC area and recently got a letter from his tenant's lawyer stating that they have filed bankruptcy and that he could not directly communicate with the tenant until the bankruptcy was complete.  

They could also file bankruptcy and stop all of this.

My husband just had to file bankruptcy.

The risk of bankruptcy on single LLC is exactly the flag that has prevented me from jumping in with both feet.  

Tenants get divorced, lose their jobs, claim bankruptcy, get sick, etc...