The bank will get a say in whatever the debtor asks the court to do.

My first question is, if I have a lease and the property is rented, do they subtract the entire $2,400 from my monthly debt, or do they only subtract 75% of the $2,400?

The result of all that will either give you a net income or net debt (or just zero)It's then added to either your total debt or total income, which is then calculated to give you your actual debt to income ratio.This only applies to rentals you acquire in the current tax year. 

You need to be clear if his portion is a debt or equity position.

I've got about 35k in a debt consolidation loan (~10% interest rate). Should I pay this off in ~12 months, or save the extra cash for a real estate investment?  Currently deployed overseas, and trying to either stash...

Since I wasn’t using the rental income, I didn’t need to count the debt (or even submit tax returns). 

Another possibility is that the bank may not immediately act on the relief to go forward with a foreclosure because they believe (with new information and some funds on the debtor's behalf) that they are better off working out a modification and then it doesn't show on their books as "un-performing".

Hi! I am graduating in a few months from graduate school and as you can probably guess, I am graduating with a lot of student loan debt. My husband and I are very eager to dive into real estate investing ASAP, but we ...

On the surface, you are grossing $200 a month which should help you service about another $40k in debt or so. 

Because it was a pretty seemless process, when I've used a debt collection law firm to collect back rent/damages from an eviction.You typically pay the firm a retainer amount upfront, to load it into there system and start calling on the debtor to pay up.