But then, I don't really know any really 'rich' people to personally know what they do or do not do.I know many rich people use corporations, which shields them from personal liability when debts go bad.

Do not feel too bad as this site is full of hobby landlords that know nothing about operating this business.

@Caleb Anderson doesn’t look too bad if your expenses are right.  

Both are usually a bad idea

@Hark TukaySo your tenant knowingly wrote a bad check.  

It is a good balance of the bad issues that we try to help with on here. 

If they want to pay a bunch of fines then that is their choice.

So, the long and the short of it is that yes, bad stuff can happen to you as a LL; but this is what I have chosen to do.

Reputation is important if you're wholesaling, know the numbers backwards and forwards, up and down and they must be reliable if you want to continue to wholesale.A partner may not be a bad way to go if you can find one or two with cash and know how. 

I didn't go back and read your other posts, but how did you get away with using FHA and buying a bad roof?