It is really dangerous to have a family business where everyone has to agree, in order to get something done. 

They are riskier than someone without a bankruptcy, but you can still mitigate that risk through other means.

In terms of risk mitigation, these are key items:1.

@Matt Leber makes a great point about the dangers of trying to time the market.

Now 2 of the big dangers here are: 1) what happens when the in-flow of out-of-state money dries up (I posted somewhere else talking about all this) which also leads to 2) this has always been a very low wage state, and many people were already struggling with rent prices as-is before the influx of people; in other words, I don’t think long-term rent prices can be supported here.Another thing to think about is your quality of life.

Finding a C/C+ class, 2% deal, ended years ago unless you're buying and holding in dangerous areas.

The mitigation alone could have bankrupt him if he bought it without knowing. 

To your point they are high, and could be mitigated by doing due diligence and finding a place in good shape, but I felt like these were nice ceiling numbers.

)The key is to stay out of the red danger zone - you never want to be in the intersection of the matrix where something is "almost certain to happen" and the consequences are " Catastrophic"The great thing about using a matrix to solve risk problems is that you can add incremental mitigating factors to lower frequency and or severity and move your target into the area of the matrix where risk is tolerable.Risk tolerance varies.

For the no part of my answer- The mere fact that you are asking this question in this forum tells me that you're looking for a solution to mitigate the risk.