I don't suppose the seller has any OTHER properties he wants to get rid of?

I suppose you could help them out of the goodness of your heart but, you couldn't do it for compensation unless you were registered/licensed in many states (California is one of those states) and doing it without that paperwork could subject you to civil and criminal penalties if you ended up taking title to that property, or received compensation in exchange for helping them or made some promise like, you are there to help them.Maybe I'm misunderstanding your post but, if you don't understand what the general qualifications are for a loan mod, I'm confident you shouldn't be doing what you say you are doing, or trying to do.

Are you supposed to have enough cash flow to cover debt service to the bank and to the owner?

There are good and bad tenants no matter the neighborhood but I suppose (overall across the country on average) missed payments would be expected from those with less means. 

There is supposed to be a sequence of events such as a request from the borrower so a pre-signed deed in lieu may not hold up.

However, using the data points, I suppose that could be accurate.

Suppose, a customer has the option to purchase a job from me for either $5,000 or $10,000.

They are not supposed to tell you their guidelines, but many lenders will do so if you ask.

I found a house through a wholesaler that we were supposed to close on today in Tulsa Oklahoma. 

Well, i suppose you could purchase a lien like a child support lien from someone with their hand out but what would that get you except maybe a grateful deadbeat dad (Or mom) thanking you for paying off their arrears, expecting (and getting) nothing in return except a thanks!?