Yeah, the creditors will find out what else (if anything) he owns, but if he's like most of these wannabe real-estate tycoons, he either lost those also to delinquent taxes / foreclosure, or at best probably already has those other properties still mortgaged to the tits as well. They'll probably have to settle for garnishing any "wages" he might get from any possible "jobs". 
That's why Venice beach pan handling and G4P are good options for him... those "wages" cannot be garnished or taxed.
Cali is one of the worst states in the US to get into financial trouble. Once a judgment is granted, the creditors have carte blanche to do almost anything they want. If there is a paper trail, they'll find any/all assets and take them. Owning a home is suppose to be part of the American dream, but it's a nightmare if you get into financial trouble. Any/all previous mortgage payments you made do not matter... you'll never get that cash back.
This is the main reason why it's best to avoid a paper trail and keep cash at home in a fireproof safe. Keeping large amounts of cash in a bank is the worst thing you can do. The more you avoid the banking system, the better off you'll be.
