In Florida the rental agreements the Realtors were using are more biased towards the tenant than the Landlord so I have a 2 page addendum to cover "Financial Responsibility" (If sued any damages or compensation can only come from the LLC or property the LLC owns), Smoke Detectors (Sounds small but failing to maintain could bankrupt you or be costly) My tenants need to notify me within 5 days of discovering one is not functioning. 

I simply want to avoid going bankrupt because after I start making 5-6k a month cashflow I'm not going to keep working the way I am now.

What if the seller goes bankrupt?

Many go bankrupt investing in real estate.

One professional tenant in a SFH can potentially bankrupt a investor.

The person owning it before him was a business owner who went bankrupt.

Thankfully we are in a position where we a) have a good emergency fund and b) could cover both the mortgage on our current home and the rental is we really needed to. so, even in the scenario where the place sat unrented we wouldn't go bankrupt.

At a presentation given at my REIA last year, the speaker said bankrupts fall back into foreclosure at a rate of 80% of cases.

The whole purpose of the bankruptcy court is to distribute fairly the proceeds and give the bankrupt a new start.

If your answer is something along the lines of being devastated or going bankrupt, I won't accept your investment.