This strategy will work for some and bankrupt others. 

Yes, being a debt free millionaire is way better than being bankrupt, and living a monastic lifestyle sure beats being a drug addict or a prostitute, but going bankrupt and losing everything because he got burned using high interest 90 day loans with no guarantee of renewal like Dave did, then declaring that all debt is bad because of this and saying that 30 year fixed rate loans should be avoided, is like someone who goes out with an ex-con member of a biker gang - gets sexually assaulted by the gang - and then declares that sex is bad and no one should have sex.  

There is a greater chance that a private company will go bankrupt before the government. 

Result: Companies go bankrupt do to high interest rates because the FED can't lower them any lower.

Why deal with one of the most corrupt and bankrupt cities if you don’t need to and your not local?

If you really followed the Economics and dependency of Detroit on Domestic Automotive, you would have sold your Property Portfolio and go to a different town before it went Bankrupt.

There may be a small charge for road maintenance or if another tenant has gone bankrupt, you may have to help pay a portion.