Second one went bankrupt 3 years ago.

Not sure how someone with tremendous net worth goes bankrupt just because assets aren't producing income.

THere may be other lien holders... you should find out about that.On the day of the Aucton, the county will start the bidding at their costs (Say $1,200), the 2ed bid (almost always) is the bank will bid that plus their lien (So $221,200)... the bank will then start praying that someone else bids..... often no one does.THEN the bank owns the house (which they never wanted to happen), so then the bank who works as fast as glaciers, get the paperwork ready so they own the house and can sell it (weeks to months, add time if someone is dead or bankrupt), once they have the paperwork they figure out how much money they put into this, they add some profit or negotiating room, bounce that off of an in-house (ie approximate) appraisal and generate a list price, they then give that package to their whipping boy the "Foreclosure agent", who posts it on MLS or gets a buyer and is expected to get only 1.5 or 2% of the deal as a commission.So you can find out what the bank will bid, if you can catch the property at the sheriff auction, which may be (way) less than the market price and the bank would be happy to let it go as long as they are paid...

When all was said and done... and having almost bankrupted our business... we spend over $110,000 on the renovation.Will's comment about haviing experience is dead on!

It's not bankruptable and only goes away if you pay it off, become permanently disabled or you die.  

Rocky, if you used leverage in 2005 buying rentals you would likely be bankrupt in 2008.

According to the sellers Realtor this individual is going bankrupt so there little to no negotiation on this numbers.

I did some research with at title company and there is an unreleased mortgage in favor of a credit union, the previous owner went bankrupt, the title company would not review the bankruptcy unless I purchase the property. 

That way if you suck at it, if you hate it, or if the market falls apart, you will not be bankrupt and homeless.

What happens if dad goes bankrupt or is sued or if he goes to a nursing home and all of it is eaten up nursing home bills.