In California there is a full disclosure law, any huge issue known to the seller that devalues a property in anyway is declared in the purchase agreement.  

Now, he is going under FAST and might be forced to file bankruptcy.

The tenant threw in a bankruptcy thing and I had to pay the attorney another 550.

The requierement is that the buyer has to have great credit, nothing bad in the credit at all: no foreclosures, short sales or bankruptcy in the past.

Not having much experience, done deals or money sort of makes me hesitant to declare myself an actual 'Real Estate Investor'... although I suppose having Time and passion, determination to succeed are 'investable' resources that count just as much as Money.Yes, this post is broad in subject matter, but it sums up a few challenges I'm facing and I'm asking for help.

I am afraid of partnerships because usually one partner can bind the others.There are many options, buyouts, file bankruptcy reorganization, get court injunctions or court appointed receivers, post a superseadas bond to get an injunction.

If anyone has borrowed from a private lender as Will stated at above usary rates then they could declare all payments principal and if they wanted treble damages they would need to go to court.I had this happen way back when in my 20's someone lent me some money at 20% interest and we got in a spat...

In my area, it's hard to find a 'typical' operating budget because of differences in the development declarations.

The defendant in the foreclosure filed for bankruptcy one week before the order was set to be put through putting a 30 day stay on it.

I don't believe personal liability would stop at the umbrella limit if a judgment was declared against you for a higher amount.For me, the LLC is partly a psychological tool to help me treat land lording like a business, and partly asset protection.