If you have a relationship you can get a little less formal.

It would have to be a judicial foreclosure though.

There are many wholesalers that have done 10s, or 100s of deals illegally and have never been caught because the reality is that generally speaking most states don't actively crack down on such cases unless someone files a formal complaint, much like someone driving 5mph over the speed limit. 

When they are in a 'dual agency' situation (i.e. they are formally representing both the Buyer and the Seller), their obligation is to mostly provide information and not opinion / recommendation.

I know many large hotel owners and almost 99% have no formal college education but they worked hard.

Ok lots of miss information on this post as this is a CA foreclosure  not a Judicial sale like FLA or other states.1. if the first goes to sale with that equity position any money bid past the opening bid by the first will go to the second automatically.. there is no law suit in CA trustee sales its power of sale.2. the second once the foreclosure occurs both liens are removed.... from the property the second though does have the right to then sue on the note for a deficiency.. ( however Extremely rare on the west coast but it does happen).. but that just goes to the borrower not the property.3. if its a purchase money first thats being foreclosed no deficiency judgement is allowed.. its not like Texas were you can foreclose and get a judgement.  

If I may suggest, first 'invest' in your FORMAL education regarding RE.

Things like, but not limited to, taking distributions, funding the corporation, corporate formalities and defining payroll -- details on the process and gotchas.

Nothing formal needs to be said to him.

Form an office that does not have many distractions and your own place could be it as long as you can close it up and be formal so that it feels like an office.