@Steve Vaughan I've had that "talk" around the kitchen table on many occasions with underwater home owners, some of whom have not made a mortgage payment in 4 or 5 years.  

Now, that said, if you do that, you will find yourself in situations on occasion where you'll have more deals than cash, at which point you can either try to get more cash or forgo the deal.If you're making offers on REOs, it's easy to "back out of the deal" -- you just don't sign the addendum.

I have on multiple occasions seen transactions where partners can't agree and the property is forced into foreclosure to "clean" the ownership.

I have reached out to him on multiple occasions and he hasn't really responded.

From my research and discussions with them on two separate occasions (once when they first announced the lending program and again a month or so ago), they are very much for real. 

Rarely is there an occasion in which a tenant wants to move in the day the house is seen.

Occasion we will find a home that needs to be fixed.

I never received rent late again, I even received it early on another occasion because the tenant told me he had something come up in his life.I would give them to the agreed upon time later today to pay the rent + the late fee.  

The people I see being most successful in Waterbury are from Waterbury and have advanced knowledge of the area - and they even get caught with their pants down on occasion and fully know that risk going in.

My current tenants seem financially stable, but in the past I've had tenants whose rent payments bounced on occasion.