I'd like to hear some input on people who have tried this (whether success or failure).

When I mentioned all the hundreds of success stories I read about on BP.com and elsewhere, his reply was that for every hundred of success stories posted online.... there could be, and likely are, thousands of failures not posted.  

If the landlord accepts partial rent he cannot then seek to dispossess or evict the tenant for failure to pay the monthly rent.

You've been very helpful to me and I agree that it's harder to stay motivated when targeting the motivated sellers then writing about your successes and failures as an investor.

He may then rely on that contract to act in other matters, if his actions are reasonable a judge may hold you responsible for your failure to performNow lets say the owner sends a copy of his contract to the bank and asks for a few days, or any delay, even in the processing of that FC.

We can't give up on making a difference in this world just because there is some risk of failure... if everyone took that course Columbus never would have set sail for America... and you never would have have been successful in real estate. 

@J Scott reminds me of the movie, Trading Places, want to bet we could take one of their failures, groom them, teach them, train them to succeed on a deal on their own?

The last tenant didn't stay long and left peacefully after failure to pay rent.

Gotta buy our tickets to Belize.I try to always tell people to calculate failure when they do an investment.  

Failure to pay is a default and bad times are a coming for borrower.