One of the mentors had a hidden arrangement with a wholesaler where the mentor brought a deal from the wholesaler to the student, the student bought the deal from the wholesaler, and the mentor took a kickback from the wholesaler.

I don't know if an arrangement like this is common in the real estate market or goes by a certain name, i mean certainly i'm not the first person to think of this, so what is this called, and what are the typical terms that the investor would look for?

Get with the lender and make arrangements to catch up.

Eventually most credit partners will get tapped out as their liabilities increase and they are qualifying for financing on after tax income from a partnership arrangement.

Reality is far from the guru speak.As an example, buying a note originated prior to the land mines being tossed out, would be fine, understanding the process which is not difficult but it is the valuation and collateral assessment that needs to be studied and understand that you may not be able to modify that old note, as a new modification or extension of debt can be seen as making a new loan or lending arrangement.

Sponsorships.

If done correctly, there is a lot of work put into arranging commercial financing for a borrower and many years ago, when upfront fees were more common, there was considerable expense involved as well.  

Marie says above is true: Bad things can happen to your interest in the property if the seller hits financial problems.The way the sale would work is you'd arrange a closing at at title company or an attorney's office.

You can make any arrangements you want regarding application review and the screening process.

Would you take the $195k as hard money (13%-15%) interest, arrange some sort of profit share on the back end when the house is sold or any other creative ways?