They can sell to me on terms that allow me to fix and flip it (subject-to plus some seller carryback with some cash to help them move - the carry back representing equity I can give them back after I flip it - only because they are a friend) - OR - they can continue with wishful thinking and eventually lose the house on the courthouse steps.So you could give your friend 60k if he is willing to take a small amount in cash now and carryback the rest along with a wrap on the existing financing.  

The things that are very hard to outsource in the real estate world are:Finding OpportunitiesRaising MoneyManagement, property knowledge and construction are all very important but eventually they can and should be outsourced if you want to continue to grow and spend your time efficiently.  

Quick Summary: I bought my first condo to live in, and eventually rent.

I plan on living in it for a year or two, before moving into another property and eventually growing my portfolio.

Eventually yes, I would love to live off the income from my properties, but in the meantime, we will channel the money back into the business so that it can grow faster.Recently, we have met with a mortgage lender and a real estate broker and we have started looking at a few properties to understand what is available to us.

That bank folded, and it was bought by Wells Fargo.I called Wells, and they said the home would be eventually listed on the HUD Home Store.

Again scraping top make payments, eventually selling that and paying off the the first stick house I had lived in for 11 years. 

.- OR -2) Wait for the homeowner to miss one payment and foreclose on the property, thereby buying something for a deep discount if you don't mind going through the courts to eventually own the property.Has anyone seen this type of negotiation/deal with lenders?

I own a condo with my brother that will eventually be sold in the next year or he will buy me out which will bring my cash in hand to about $100k.

Their intent is to eventually own it outright for their personal use.