But started buying junk properties for under $10,000 using all the creative formulas I could think of (credit cards, commercial over draft protection, credit lines, partners, lots of Subject to Existing Mortgages, delayed settlement, flips and seller/contractor partnering). 

BUT... my hubby & I are also in debt (cc's, cars, loans, etc- not including a ridiculous amount of student loans. sigh).

I am calling all my local banks, I have a close to perfect credit score and other debt free real assets to use as security.

Absolutely no felonies, evictions or outstanding housing debts.

From the time of Aquisition (Date of Settlement) or the time that it's recorded at the courthouse?

However, generally speaking, a Bankruptcy Trustee can declare a specific debt as non-dischargeable through bankruptcy due to "Fraud" on the part of the Debtor.

Please let me know if these numbers make sense as a good deal:Purchase Price:  $155kExpenses:Taxes:  3,439Insurance:  900Maintenance:  1,200Vacancy:  1,038Total Yearly Expenses:  $6,577Total Monthly:  $548Financing:$155k, 30 yrs, 5% = $832/monthExpenses + Debt = $1,380/monthIncome:  Property comes with tenants paying $1,500/monthCashFlow:  $120/monthNOI (without debt):  18,000 - 6,577 = $11,423Cap Rate:  11,423/155,000 = 7.37%  In this particular town, 7+% is very hard to come byI also believe the current rent is below market, and has potential to raise to 1550 or more.  

But, if there is a possibility of a short fall....HOA/other debts that can't be negotiated out with the bank ( the lender will only contribute a set %) you need to be prepared to pony up some extra money above and beyond the purchase price. 

Can you sell your house for total debt owed in the middle of short sale proceeding?

I do know at my quickly advancing age and many my age that have been through rentals these investors tend to gravitate in later years to debt instruments and other types of income producing investments that preclude rental income to tenants especically low end tenants.