However, I would prefer not to lose my life savings and retirement funds because of one incident...with that being siad, is the thought of everything being taken from me if I don't have a separate entity just a beginners myth?

you are probably more likely to spend money to lose money if you put in hvac.

Or a month of vacancy and turnover if you lose the tenant.  

You will need engineers to do drainage studies.It will cost you at least $25,000 for the subdivisionYou will have additional costs during development because you will likely lose your water tap and your wastewater connection on at least one of the lots (I'm assuming that the existing connections will no longer fall within the guidelines of the land development code)..The city will tell you that this takes 6 months.

Put your numbers together to see if they make sense and if you will be making money on your rental or if you will be losing money.

If put up against another prospective tenant without the bankruptcy, they would lose.

But we loved the house at the first sight, we see lots of potential.

Yup, sure enough I am losing $40 a day everyday that this project is not completed and this unit is not rented.

I think my greatest achievement was surviving the real estate Great Depression without losing any of my investor's money (although I lost a heck of a lot of my own), without losing any property, and came out the other side with a much larger and stronger real estate investment business than I ever would have imagined.I think my "proudest achievement" is having raised over $25 million from investors (and growing), all by word-of-mouth and referrals.

A friend is about to lose a cabin that has been in his family since the late 60’s or early 70’s.