People can say what they want I've negotiated down to $5,000 for a non-performing assets. 

While you may be exempt from the DF Act, you are still subject to predatory lending issues, too much financed, over priced property, borrower placed in a position where they can not perform, lacks ability to pay, and other matters may apply.

They are only going to try to sell you on going to a more extensive seminar and they use the guru's name to get you there and many think that "guru" will be in attendance when in fact they are not, they are just using their name. 

I have extensive experience with Corporate and LLC formations. 

The only thing that we would have to pay for is the credit check but since we defer that to that last and we have always made a decision by the time we get to that stage we don't run the credit checks (I have documented extensively in other threads why they are not helpful to us).

You won't like what you see.It's is a very rare to non-existent HML that will loan 100% without a prior relationship and extensive dealings with them.

Perform your due diligence as always. 

I brought a breakdown of the costs that I would incur taking on the property and the extensive work it will need to be able to be sold at market value. 

That would be far cheaper than not being able to perform and ending up in a lawsuit. 

The option is in effect only as long as the lease is performing.