Also in California when your acting as a principle you are not required to declare you are a licensed agent.

I have a bankruptcy that is 4 years old and a foreclosure that will be 3 yrs old in November of this year.

Think of it this way: if you combined your personal affairs with your LLC's in the same manner as above, you run the risk of a litigant piercing the veil, and your personal assets would be at risk (especially in bankruptcy). 

The city has almost completed their bankruptcy and willing to work with investors to bring Detroit back. 

From press releases, their (Quiznos) bankruptcy shouldn't affect the independents directly, but is a clear signal to be careful.

It is a big jump from a few residentials into commercial and your ability with construction may be the key to success here.....personally I would play to your strengths and increase rentals in newer, well maintained residentials......but it could be high risk, high reward as you mention, netting you millions over time or driving you into bankruptcy with an environmental hazard or demolition candidate....

A near bankruptcy left me with difficulties raising credit and I worry about closing on a rehab and not having the capital to complete the project. 

Another major risk is the borrower declaring bankruptcy.  

Owing to its iconic history and design pedigree, the Cinerama Dome was declared a historic-cultural monument by the city of Los Angeles in 1998, which means it can’t be demolished — at least, not right away.

A request by Buyer for credits or repairs in violation of the terms of this subparagraph shall allow Seller to declare this Contract terminated and direct the return of Buyer’s Earnest Money.