If the property fails, the lender can come after your personal assets. Savings, other properties, car, wages. Everything.
Recovery limited to the property. If the deal goes bad, you hand back the keys and walk away. Painful, but survivable.
The Catch: "Bad Boy Carve-Outs"
True non-recourse is rare for smaller investors. Watch for exceptions that convert non-recourse to full recourse: fraud, misrepresentation, environmental contamination, bankruptcy filing.
The practical difference is enormous. Full recourse on a failed deal can mean personal bankruptcy. Non-recourse means a contained loss.