I factor in 5-10% for repairs and maintenance in my head though.

The truth of the matter though is that most of the people I buy from have owned the land since forever and have done nothing with it, so what's another 6 months?

Then there's another factor: I still live with my folks, who are of the more fiscally conservative variety.

The determining factor for whether or not the bankruptcy is going to matter is if the bankruptcy was filed before or after the property was struck off at auction. 

don't remember) of current tenants must agree to purchase their unit.2) The price will be high, because the landlord is going to factor in the costs of the condo-conversion (it will cost the landlord 100-300k for a smaller building).3) The landlord cannot vacate the building to convert to condos.

A couple of issues that I had not originally factored (shame on me) were: Sprinkler system requirements, upgrading water and sewer connections for much higher capacity, upgrading electric and gas (plus meters) for higher capacity.

What I still can't understand is: Was the wife being an ex-broker a factor in this equation?

While I agree it is a great economic opportunity for him - it would mean we were going to have to find another place to live in the crazy Denver market and a historic house in Denver is going to be torn down forever. 

I am 25 and have been wanting to start investing in rental properties for awhile now...my issues holding me back is 2 very major factors, credit and money!!!!

If I rent to her I'm going to forever be worried about her getting sick and blaming me.