One helpful tip I can offer is on the county clerk's site they publish liens, judgements, and citations that have been issued to the owners for any violations and such.

Stable income, rental judgements, evictions

The problem with doing a short sale (or waiting until foreclosure) after a BK is that they may still be liable for a deficiency judgement, but I'm not certain on this.  

I've heard that the final judgement somehow "wipes out" the note. 

Luckily in my area after the 5th  "late payment" judgement I can evict them even if they do pay and the tenant didn't know that.

Judgement call.4) If you do take the loan and have it in an account for a few months it is then "seasoned" and will show up on your financial statements as cash.

I learned a few things along the way, in the various interrogatories, depositions, filings, summary judgements, briefs and testimonies about statutory law, case law and interpretations of the various laws regarding loans, financing, title and due in sale.

Look at the owners and look at the dog/cat then do some judgement.

The only nice thing is if you sue a Section 8 tenant and get a judgement the Section 8 office doesn't let the tenant move into a new unit (as long as you let them know about the judgement prior to them moving into a new Section 8-approved apartment - their voucher is frozen until you get your money). 

Like those folks are personally responsible for others lack of success or bad judgement.