Or is their still some sort of "public policy" or law that would put them on the hook for this?

I know nothing of the market, location, specific building and it's condition to make that sort of judgement. 

In regards to what sort of events can occur....ALL OF THEM.  

@Russ Scheider  golf course communities can go through this..La Quinta CC in So CAL had their club house demolished in an earthquake.. well it was still standing but it needed to come down..  25 million to replace.. 400 members. you can do the math.when economies have issues as well CC can be a really dicey thing.I lived at Silverado CC In the Napa Valley for a decade ( owners of Halls Chop house there in Charleston used to be the GM there).. but the course was not owned by us members so we were never subject to any capital improvement fees.. but then again we did not have a lot of say.. and the course was semi private with resort guests.. ( which I liked I met all sorts of cool people from all over the world that came and stayed there etc etc)

I am still on the fence as to whether I want to continue to invest here or just save up for when I move to a market that is more rounded and less dependent on the current state of the oil industry.In case you want to check out the crime stats for yourself to see what sort of issues arise and where, Wichita Falls' Police Department mapped their crime data to:http://communitycrimemap.com/

I was beginning to think I was doing something wrong or was underqualified of some sort.

Conversely, if you want to get into assets with some "hair" on them, but potentially higher yields and you have a tolerance for some risk, then a non performing note in the low price band could be a good place for you.

FTC, creditors can seize the actual LLC as if it were any other sort of property and order it's assets sold to repay the debt.This is why Floridians have been looking into Wyoming/Nevada LLCs.

As much as it pains me to say it, I would recommend a savings account of some sort.  

I have seen deals die a day before they were supposed to close because the wholesaler was not entirely truthful to the escrow officer.Quite literally, the escrow officer is sort of like your criminal defense attorney.