So you could find the first demanding full payment or they foreclose or you could find the first willing to accept payments.

His problem is that his conduct didn't meet the moral expectations of society that he may not have learned.A visit to the RE investors or operators in the link I provided might reinforce some of the expectations demanded in the RE business. ;) .

Rather negotiated using the situations in getting things they wanted making it part of the consumer protection scheme that was demanded politically.

He was asking 35k but over the past month he became more desperate to sell.

I actually borrowed (for an obscene rate) the EMD (and my EMD lender's POF bank statement) to put it under contract (FYI - even desperate sellers are not ignorant re markets/ value/ POF like they are often portrayed here).

When asking about the training, I was told that this $199 item is a series of four 1-hour on-demand training videos.

I've discussed with him how he's been upgrading the properties to demand a higher rent.The second part of the issue.

The rules and paperwork would be exactly the same as any other private/hard money loan except, I suppose, there is no demand letter required of you, the lender.

There should be higher demand?

The primary, if not only, reason there has been a brief spike in subsidized demand for housing in recent months (2012), has been the GSE/FHFA endorsed REO-To-Rental plan, and associated securitization conduits, in which large asset managers have been encouraged to take advantage of government funded, risk-free financing (and entirely bypassing banks who have given up on loan origination due to legacy liability issues which have every bank tied up in litigation from now until Feddom come - just see today's Bank of America results) and purchase foreclosed properties in bulk, with the intention of converting them into rental properties.http://www.zerohedge.com/news/2012-10-17/och-ziff-calls-top-reo-rental-exit-landlord-businessIt is no secret that in addition to the well-known phenomenon of "foreclosure stuffing", one of the primary drivers of the artificial housing "recovery" has been the surge of hedge funds and asset managers into purchases of rental units courtesy of near-zero cost REO-to-rent federal lending facilities, which have taken out distressed inventory from the market in hopes of converting it into rental.