Win-Win.  

Get a parent of friend to cosign and it seems like you have a win!

This creates a WIN-WIN Situation and gives the Realtor incentive, to work harder on your behalf. 

Nobody wins when the owner circumvents the PM and corresponds directly with the tenants and vice versa.

Ideally, you get the settlement amount in writing.If you win at the auction and find liens you weren't expecting, you have to contact each one and negotiate a settlement.Each type of lien needs to be treated differently.

Agree it does complicate the explanation and understanding but like a hedge fund, its giving the GP more incentive to hit it out of the park but by doing so, all investors win.4) Your money blueprint - the psychology of wealth.I re-read a great book last week by T Harv Eker called the Millionaire Mind and highly recommend it.

Start jumping into the auction when it gets closer to the amount you would be willing to pay for a property and keep in mind that once you are the winning bidder you get to collect rent, live in, evict, or whatever you want even though there is a redemption period. 

That's a win-win! 

Instead, it is much better to roll up your sleeves, and diligently hunt for the right deal, be highly selective to make sure you buy a great deal, force appreciation if at all possible, and get in such that you can stay in through thick and thin if you need or choose to ... this will open up multiple exits and tilt the odds in your favor ... heads you win big, tails you win a little, but the house always wins and you're the house ... if you are unable to stack the deck in your favor then the best thing to do is not play the game until you learn enough to from those that do ... people sometimes say that going for appreciation is speculation and if you get it it is only because you are lucky ...

So I'd defer to the lawyer.With the caveat that just because your friend would win in court, does not mean there will not be legal expenses of litigation.