The risk is if it turns out that the deals aren't that good, you'll have missed out on everything else too. 

Lot of IFs and a lot of risk I know.. but curious of what you think and if anyone has purposely bought property assuming the liens?

I guess the main reason I was considering his proposition was to cover my bases as the entire process will be entirely new for me, but then again nobody is born knowing and I am willing to work diligently in order to learn quickly.  

Something that will have decent cash flow and that isn't necessarily too risky, though we understand there is inherent risk in any investment. 

That said, it is difficult right now for a startup business to get 7a funding given that it is viewed as very risky by the bank.

Or is owning in these types of areas just too risky to consider?

The less contingencies the less risky the seller views the offer.

You hear of people starting out with basically nothing, financing 100%, but that seems very risky.

I would think in the current environment flipping is risky. 

Just make sure you don't put your self in a risky negative cash flow situation that may not be sustainable.