I started flipping houses in 2007 with over $1million in debt, a $60k tax lien on my credit from the IRS, and no job...oh yeah, and a past bankruptcy (yep, a loser in the bank's eyes). 

(Having been a lender, I know that the bank's decisions are made on things like VA, FHA or conventional, if it was a purchase loan or a refi, homestead, quotas for the negotiators, pressure from the FED, incentives for the negotiators, loan modifications, bankruptcies, lawsuits, robo-signing, MERS, bank's availability of funds, vacant management positions and on and on.

Someone can have recent bankruptcy and a 700 fico, are they a good credit risk? 

The industry is full of people that never even graduated HS.....are convicted felons....... file bankruptcy every couple of years.....have been divorced 4 times....... addiction issues......in other words flakey people that have no organization, structure, direction or drive in their lives.Now that's not to say that they are ALL like that....there are some fantastic people out there....very smart, organized, professional and amazing at what they do......I've met some great people...... but unfortunately they are rare rather than common

because I'm not doing a land trust for privacy reasons. it's just for protection against personal liabilities such as bankruptcy.   

Done wrong, based on you and your market, and you face bankruptcy.

Looking at a house in my local Sheriff sale foreclosure auction.There are 3 other adults listed on the mortgage as intervenors, looks like 2 sons and a daughter or daughter in law.I believe they are each declaring bankruptcy one by one to extend the foreclosure date.

For example there is no personal guarantee unless operator files bankruptcy or siphons money away from the business etc.

Just to close the loop on this:They've filed for bankruptcy.  

I’ll try to get reimbursement for expenses since taking this down another road by going to court for specific performance and forcing the sale of the house would likely leave them in bankruptcy.