Once a judgement is obtained against both the borrowing entity and the guarantor(s), then the property can go to foreclosure sale and any "leftover" debt owned after the collateral has been liquidated is called the "deficiency balance".

So you may need to sue the seller, win a judgement, then the title company will release the funds as the court orders.  

In order for the appraiser to make a fair judgement of what the true market value of the property is, I think they should not be allowed to know the contract price.  

The eviction process is very slow and it is hard to collect judgements for owed back rent from renters that you often cannot even locate.  

We went to court, he did not show up and the courts gave me the judgement against him.

Once you have a judgement in your favour (which should be the straightforward result) THEN you can pursue it.

That is a long way from promising someone they are going to get rich just by knowing what we know and, usually, without any real work or judgement on their part. 

To be more specific, parameters such as years employed, past credit history, credit score, bankruptcy, if any 30 day 60 day 90 day late payments, judgements, subject property location,  etc.  

Don't let that cloud your judgement if you're looking at a pure investment property (which would be the case if you're looking at a long-term rental).

If you're using a CPA for your taxes, then defer to their professional judgement.