There is a lot of really poor housing stock out there so you have to keep to your principles and be patient.

Having said that I can't help but state a general principle, which is to focus on the end result and not on the exact rate. 

That'd be a principle deferral modification, not a reduction.

If its apartments those are not as effected if their objective is to hold them.

My objective is maximize passive income but also spend as little out of pocket as possible.

Prepaying your mtg won’t lower your monthly payment.....you just pay it off earlier on the back end if you keep it that long and move your payments further down the amortization schedule, with more of the payment going to principle.$10k/year in negative cash flow verses your appreciation....your gamble and your call.

The objective is to secure the property.  

I find the stories interesting as I try and see how I could use their experience and lessons learned to my benefit.My latest read is Ray Dalio's book who is the founder of Bridgewater (Very - Very successful Hedge Fund - That I frankly never heard of - Shocking but True)In the book Ray does a great job of breaking down is career, struggles and lessons learned in the first half and then spends time on the "Principles" he wants to share. 

What I object to is the fact that these "closing costs" have nothing to do with actually borrowing money.

Maybe I got lucky or maybe I'm recommending my brother-in-law.I'd rather give objective criteria that helps the individual screen whomever they decide to look at.