For bang for buck, the Intro course will cover basics and will arm you with just enough to be dangerous.

If you're honest about the big issues on the property you may draw fewer potential buyers, but they will respect you for being honest and up-front and will be much more likely to look at other deals you send them in the future. 

So, in summary, I think such rules are very dangerous if used as a tool to bypass actual thought and analysis, which so far as I can tell is the way most newbies attempt to use them.

Plus, I can buy them for much less cash down because there are fewer serious buyers for unsightly distress-type properties.

That's the danger point.

I said ENY and Brownsville was dangerous before but lo and behold, see this article!!! 

I just don't see the point in putting ourselves in a possibly dangerous situation for ourselves and our baby.

He wants fewer properties. 

I doubt these guys have any formal financial training, education or licensing in the financial arena, you're looking at spin for "programs" just enough knowledge to be dangerous.

There are fewer lenders who will finance a property with an owner second (due to the ridiculous lending environment) but since the first mortgage will be such a low LTV (assuming the property appraises) I would think you would be able to find someone who would do this.