It is not in foreclosure proceedings yet because of the bankruptcy .

Additionally, they offer low minimums, and superior bankruptcy protection.

That idea does not take into account leverage or bankruptcy.

The trust holds title (ownership) of the asset until the trustee is requested to convey it.I'm not sure any court other than bankruptcy court could ask that, anyway.Again, Check with your attorney.

Lets say I know someone that is in bankruptcy and wants to sell their house.

I was discharged from a bankruptcy (chapter 7) over 2 years ago and have to wait the full 4 years before applying for a conventional loan.

A few (4-plex and chalet) have HELOCsI'm working with a local short sale attorney for the sale and have started the dialog with Bankruptcy attorneys as a back up.

Pick an income requirement, minimum credit score and probably say no past bankruptcies judgements from other landlords or evictions.

Hey BP family, as I stated in my goals, im trying to figure out how to build a large portfolio of rentals (for rental income of 5k+ monthly)in the NJ/NY area.My situation; I've been making 40k a year for the past 3 years (steady job)-this coming July I will hit 2 years since bankruptcy (so I should be fine in that aspect)- I have about 15-20k liquid cash-credit is slowly getting better at 620 nowSo this summer I'll officially be looking to purchase multi-family home in NJ area, I picked NJ cause a lot of REO dupelx/triplex are going for under 150k.

Even if he doesn't intend to sue you, his insurance company almost certainly will (called subrogation).If the house is in your name, they would be suing you personally, and going after all of your personal assets and income...anything that is in your name is fair game.If the house is in the name of your LLC, they can only go after the LLCs assets.Many people form a different LLC for each property (or every 3-5 properties) for this reason.Similarly, if something like this were to happen, you might have the option of declaring that particular LLC bankrupt without affecting your personal credit (personal loan guarantees notwithstanding), and you might still have several other LLCs that are still operating and financially sound...the bankruptcy of one does not necessarily affect the others.So it's a matter of not putting all your eggs in one basket (and not mixing personal eggs with business eggs!).