Hi Brandon.The problem is as a seller in Indiana, as I am understanding it, if the buyer decides to not pay or leave, you only recourse is Foreclosure, which takes attorneys and time (maybe 3 months), and if the buyer files bankruptcy, bigger problems (money & time).  

Originally posted by @Linda Lovely:Sell 12 doors.The road to bankruptcy begins in earnest when one starts to maX out credit funds to fund capital expenditures.   

Detroit's bankruptcy does not deter our downtown Detroit investment strategy," said Matt Cullen, President and CEO of Rock Ventures.

If yes, go for it.One thing to notice is that with an LLC, you may find it harder to get financed by institutions.BTW, your social security and 401k are usually protected from bankruptcy.

The attorney did also state that there was a good chance he'd transfer his assets to his wife, then file for bankruptcy and you'd be out of legal fees and everything else spent. 

I just got a lead of a duplex property is worth $912,472 loan balance is $623,039, equity is $289,433 but it is filed for chapter 11 bankruptcy 2 years ago and has back taxes of $51,247. question is what can i do with this?

During my research on finding properties, the news breaks that Detroit is filing for bankruptcy.

Here's a high level checklist, assuming you have done all of the important due diligence up front, especially the tax and title review and BK search.Initial StepsBoard the loan to servicingReview the hard copy collateral and make sure everything is there - Original note, assignments, allonges.Record your assignmentIf you don't have a BPO, get one or find a local agent to do a drive by and give you a first hand opinion on value and condition.Contact the BorrowerIf the borrower is in active bankruptcy, the following bullets do not apply. 

Credit score is almost meaningless to me because if someone JUST filed Bankruptcy a year ago, they could be my best tenant.  

I do know this owner also had filed bankruptcy about 2 years ago before the foreclosure process was started.