He did extra lawnwork and was a great neighbor too have.

The reality is the opposite - if it's not in writing then the PMC doesn't have to provide the service or can charge extra for it!

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If I get motivated enough in the near future I may do more research and experimentation with it.  

Some owners are willing to miss out on thousands of dollars just for a chance at a couple extra hundred dollars.

Is it worth the extra work?

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Hi, pre foreclosure in all of its permutations, before the bank sends Notice of Default (NOD) or efter which is state even county dependant but often starts a 4 week clock till the trustee auction are the 2nd most difficult deal scenario and IMHO only experienced investors should bother, the 1st most difficult deal scenario are bidding at the court house steps on lord only knows what is being auctioned off sometimes even 2nd mortgages, you need to do so much home work to attempt to reduce your risk at the court house steps...Pre foreclosure no one talks about these issues, always about the nice sounding stuff like "motivated seller" get a good deal etc etc both are usually not the case.- 95% of folks in pre or post NOD want to stay in their house, keep their house inspite of them 100% will loose the house at the auction. 

If you can come up with an extra 1.5% and finance with a conventional loan you have none of those downsides, a lower monthly payment and PMI only until you hit 20% equity

Now we have to build how many millions extra?