I would speculate that the average person doesn't know about owner financing.

No speculating... 

Get a professional tenant and you could be in for death by a thousand cuts. 2) Not knowing your numbers - If you buy with the wrong numbers you can get in trouble quick. if you just assume that you buy for X rent for Y and pay Z in mortgage, insurance and taxes you will be in for a big suprise when things start breaking etc. turning your good investment into a money trap3) Related to number 2 and a fairly common one if you spend all your profits and don't reserve when suprises hit you will not have enough money to cover it4) Not keeping up the property - No one wants to live in a dump, a slum lord attracts slum lord tenants and this can eventually catch up to you5) Speculating  - This could go very well or very bad.

They don't care about title (now) but somehow feel emotional obligated or erroneously believe they are legally obligated to pay.This, of course, is just one speculative theory.

Unless of course you are playing the speculation game- appreciation which i do not play.

I'm guessing he bought them for speculation...I mean who needs 5 penthouses in the same building...but then again who needs a 30,000sq ft home.. 

Some speculate that PSLF will disappear.

For neighborhoods, we're not being too speculative.

Maybe there's an appreciation play (I don't know this market), but remember, that's speculation, not investing.

This is my speculation.