I know a newbie with good financial backing who bought a large short sale in October.

That is a sure fire way to open the doors for leagl and financial liability as any competant attorney could "break the corporate vail" by proving the entity and you are one and the same do to the funds being comingled.Always use an experienced RE CPA and attorney when setting up and operating a RE business, regardless of the entity chosen.

If I'm in a decent financial standing when I'm old I will put it up for sale and the young family member who promises to keep it for ever might get it for free.

But do not count on the extra cash for closing costs or rehab.The lenders are now giving their 80% LTV (or 75%) of the sale price OR appraised value WHICHEVER IS LOWER for investment properties.My best advice is to go check with the bank first: ask these questions, get pre-approved, know your financial limits, etc.

I dont' see any reason to cut into my golfing, skiing and traveling time in order to accumulate more financial assets.

I fear that I will get scared off by this and end up not pursuing law or something else and end up being something of a financial loser my whole life.

They ran into some financial difficulties and filed bankruptcy.

This is a red flag to me and tells me that one: they lack funds, and 2: if a financial problem occurs, they do not have the means to pay me my rent.This is simple a good policy and helps/not eliminates the problem of a poor tenant.

I now try to look for financial or credit partners to get more deals done and also I have been investing in apartment buildings to build more cash flow.

Plus there are additional details with the financial math, which is why I am here.