Type of Market: Is it a declining market, is is suburban or is it rural?

This type of classification is identical to that of a vehicle.

This property has 4 bedrooms and only 1.5 bath, which I worry is not ideal for this type of living situation.The house is a split ranch with one car garage and 2 car driveway.

This is something to consider with handyman types as well. 

If so, what works or doesn't work for you there in terms of property types?

Also look at the type of electrical wiring as that can be an expensive repair if it needs to be updated.

Option one she threaten to do a loan modification.Option two shoes trying to threaten bankruptcy.Just wondering for those that I’ve done subject to deal what type of things to look out for or should I not even worry. 

Depending on how well written they are and the "then current" financial laws and the state & county the property is in and the type of lawsuit and the mood of the court and the expertise of your attorney, you can mitigate most risk but not all.

Thanks @Ryan Kelly IIRC the other options were 'C corp' and 'Partnership' do you known which one is the recommended type ? 

What made you interested in investing in this type of deal?