If he only owes $300k on a $1.7M+ valued property the bank would be giving him plenty of attention as he has built up a ton of equity. 

So consider there are plenty like us ,who would love to work with a partner like you out there .

Just do you due diligence and make sure that the HOA is solid and have plenty of money in reserves for roofs, parking lots etc...You dont want to get hit with special assessments, they can be a deal killer on cash flow.Lastly make sure you can rent out the property, some HOA's have some crazy rules about who and when you can rent, plus crazy App fees and approval processes.

These people make plenty of money at their day jobs and are not looking for a monthly payout (though I think they would welcome an annual payout of some sort).

Both of those loan types have plenty of options available.  

I downloaded the recommend PDF program and it works plenty good for what I was looking for.

There are plenty of other articles on why one should buy homes prices that cheap too thoughLastly, don't forget that we are (likely) approaching the peak of the market.

He still has plenty of equity left (Los Angeles).  

Thanks to Bigger Pockets, I had plenty of resources to help my success.

I look at plenty of tenanty's bills though and unless there is insulation, a $400 bill in the winter is going to be likely for a house this old at the temperature most tenants keep the heat - over 72.