My idea to buy a home is to get an 80% LTV 1st mortgage from a bank, take over that mortgage and give the seller a second mortgage for 50% of the 1st mortgage balance because I need some cash to cover the payments, which the amount of cash would be more than the remaining equity in the home.

So to sum it up identify the type of investor you would want to work with and depending on who you choose to work with there needs will differ.

Love or hate DR he exposes the reality of being a real estate speculator he was a house flipper who bought foreclosures. 

Also, you are not buying at a premium and can allow the property to appreciate if that said area is historically improving. 

I think that's entirely up to you and your math.

Consider saving the 40-60k and maybe just spend a little extra on cozying up the place and making it more attractive. 

First there is no reason to buy a Townhouse "all cash" instead put 40% down and reap the benefits of an extrenly low rate, No PMI and the option to escrow.

Anywhere in the world.

That teaches the occupants that they aren't 100% responsible for cleaning up after themselves.

We've installed the Moen leak detection device, which detects leaks both hot water and cold water, and monitors water usage and gives you weekly reports.