If for whatever reason, worst case scenario, I lost all my tenants and could not pay the rental mortgages with my job income, how can I protect myself from ruining my credit?

Also, as K Marie eluded to, beware that there may be medical bill obligations due and those could ruin anybody's day.

Being kind of good as an agent, a rehabber and a landlord will lead to financial ruin while being damn good at any one of them can lead to success.Good luck!

So if I was to buy a home to flip it that would ruin my chances for the first time house buyer program?

Here's an update tonight from Bloomberg News:"Interior/Exterior Building Supply Ltd. of Louisiana agreed to pay $8 million cash and assign $72 million in insurance rights to resolve claims by thousands of U.S. homeowners whose properties were ruined by defective Chinese drywall.The deal is the first such settlement with a major supplier and a number of its insurers, Russ Herman, a lawyer for homeowners, said in a statement.Lawyers hope to negotiate a similar settlement with Banner Supply Co., the Miami-based firm that supplied the vast majority of Chinese drywall in Florida, Boca Raton attorney Allison Grant said.The tainted wallboard was imported into the U.S. during the housing boom and following a series of Gulf Coast hurricanes."

Needless to say, my credit score has dropped beyond a reasonable number for finance, and has, as far as I know, ruined any chance of me advancing my real estate journey any time soon.I have a very stable job bringing in $76,000/year.

This protection plan covers you for up to $3,000 in property damage so you don't need to contest every little broken mug or ruined towel with the traveler - we'll submit and follow up with your claim for you so it can be resolved promptly.

You could buy used and potentially mistreated vehicles and have them painted and tuned up before putting them into service in the hopes that there won't be expensive repairs lurking beneath the surface (PS - there will eventually be a lemon which could potentially ruin your whole business).

My concern about option B is that an irresponsible tenant could ruin the grass by simply not watering it.

How to run the numbers so I can actually make an offer that won't later ruin me (still learning about cap rates though).I appreciate everyone's input to the forums, blogs, and look forward to contributing in the future.