I found a preforclosure that i might want to invest in, but the homeowner is about to file for bankruptcy. Is this something i would defiantely want to stay away from or is this a good opportunity that would just require alot more work?

I would advis you to stay away from homeowners with bankruptcy, they can be the source of many headaches. In bankruptcy a homeowner doesnt exactly have the ability to sell their home. It is all handled by the bankruptcy courts. The court is selling off the debtors assest to help repay their debt. You would have to work with the court, and i think that would be much more difficult.

there are some investors that do make a living investing in bankruptcies, i think it is alot different from just typical foreclosures. You have to know all of there rules because you have to deal with the courts instead of the bank.