I will own zero land at the end of the term (unless 3rd parties default).That being said, what would be the most I should offer for this? 

Posting those signs "I want to buy your house" with a phone number all over town.I'm leaving out networking which should be obvious because networking is a remedy for just about everything in this business and chasing down the "notice of default" recipients because there are quite a few really dedicated, and well versed individuals doing that already.

Wholesaling seems to be the default startup method recommended by gurus to get started with little money. 

Some don't want to resign so the new M2M is written so it defaults to the new terms regardless.

There isn't as much exposure on the mortgage side as there was in 05-06 so a slowdown won't cause so many people to default on their mortgages.We will probably just see a flatline in pricing as interest rates go up.Obviously this is speaking in generalities.

The slope can be very slippery and one moment they are standing on the ledge and the next they are full blow default and have moved out of the property changed their phone and have started their life over on their own and have no interest looking back.  

A Notice of Default has been issued and the borrower is a few months behind in payments.

Rent deposits are to pay you for lost rents, upon default that money becomes yours, it is money held in trust but reverts to you by agreement and is conditioned by the default of the tenant.

To protect your private money second lender, you should have documentation specifying that the first lien holder must notify in writing, the second lien holder of any default.

My default strategy now has been to use the positive cash flow to 1. pay down my lowest debt note, 2. save for small deals in Bay Area.