The tenant mentioned she was filing bankruptcy.

Or the seller or agent didn’t properly market the house or didn’t have any photos in the listing or no sign in front, etc3) maybe the seller wanted a quick sale and was motivated by the all cash and quick closing.4) maybe seller was in default, which turned off many buyers and contributed to his need to sell, or maybe he’s in bankruptcy, or heavy debt, etcEtc, etc,etc….Other reasons why it maybe sold below mv.

Even borrowers who have suffered from bankruptcy or foreclosures may qualify for an FHA-backed mortgage.

Is it simpler out of bankruptcy?

So if the GP runs into trouble (bankruptcy, goes to jail, etc), your assets are shielded and untouchable by the aggrieved party.

I actually went to a bankruptcy lawyer but couldn't pull the trigger on that....just did not seem right.

Yes, a CRE can take a good property too bankruptcy if the owner fails in understanding that market, the business, the regulatory environment, the financing and the lag time between tenants.

Failure to keep funds on hand or lacking the ability to borrow or to cover borrowed funds can put you out of business.......like bankruptcy.

The irrevocable trust conforms to Utah Code 25-6-14 as well as Internal Revenue Code 541(c)(2) and is considered a restriction on the transfer of a beneficial interest of the debtor in a trust that is enforceable under applicable nonbankruptcy law - and thus, said restriction is enforceable under federal bankruptcy law.  

However, how does one protect against bankruptcy?