Plenty of people are happy they took those kinds of risks.

But for many people, it is one of a number of sources of deal flow, to add to MLS listings, wholesalers, direct owner outreach, auction, etc.Assuming you are specifically talking about sheriff auctions, just make sure you familiarize yourself with the general procedures for the auction.  

No offense, but telling people "that's not a good way to do it" and nothing more seems like a little league coach who tells his players "you're doing it wrong" but then doesn't give instruction of how to do it better.

You can get foot traffic and people driving by.

I help people get funding (mostly through Chase) with good terms like 0% interest for the first year.

Maybe also consider if they are "good people" that work in the community and just want a safe place to raise their family. 

I've had people tell me not to worry about it and to just do it, and I've had other people say the bank will call the loan due.

My first home was 6% and my wifes was 8%, so people looking at 7% today as crazy - that was normal.

I am that guy in the comments that calls these people out.

What you need to learn in your 20s is how professional business works, how to manage people and projects, how to run an organization and how to sell ideas and concepts.