The high level of risk could easily wipe you out completely.

Any debts/liens listed in the Foreclosure case's Judicial Reports are wiped clean from the title by Sheriff Sale (no matter if you or bank buys it) with one exception. 

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Some of the mortgages or liens may not have been wiped out in a tax sale. 

I’d they do the BK, your judgment gets wiped out.

There is a huge variance in the cost of LLCs, and you need to make sure that the maintenance costs for your LLC don't just immediately wipe out your margins.How much are you willing to lose at once if things go south?

But this would wipe out all our capital AND we would still be paying $1700/month in rent for our current apartment (we are first time home buyers).

We stopped having our house open to AirBNB at the beginning of Nov 2018, so that we can prepare the baby room and prepare for family that will visit during the holidays.

well Paradise which is about 10 to 15 airmiles north of Beale 12K homes were wiped out. and 30k people need a place to live.Beale is famous for hosting the SR 71 and U 2 s  today.. 

Depending on what sort of HVAC repair you need in 2 years, it could easily wipe out all your cash flow.