No one formula works because each situation is unique.For example, the value will be determined by these variables, as well as numerous others : likelihood that note can be made re performing, amount of time in default, owner occupied or not, stage of foreclosure, foreclosure laws of the state property is located in, if the debtor has filed bankruptcy, financial condition of debtor, whether or not there are any guarantors, type of area the property is located in, equity in the property, balance of the note, interest rate of note, default rate of interest, communications with borrower, residential or commercial, if residential was the note in compliance with Dodd Frank, did it pre date Dodd Frank, or was it an exempt note, note documentation, chain of title, availability of original documents, robo signed or individual signed, title insurance.

This was 80% LTV at 5% interest amortized for 30 years.I did incur some closing and holding costs but at the end of the day I was left with only a few thousand in the deal.Use the riskier, higher interest rate debt for short term only and have an exit plan to either sell/flip (and pay off the debt) or refinance to pay off the debt.

And is there a way to garnish wages or go about collecting that debt or will they just get away with not paying rent?

We aim to plow 80% of our cash flow each month into either paying down debt, or lines of credit, which we use to obtain, you guessed it, more properties.   

Are you sure you can get agency debt or has a loan broker told you he thinks you can get agency debt? 

We have been debating between staying in our studio apartment to continue to knock out this debt or buying a home.

New debt or increased balances affect how much you qualify for, and if you've paid down any debt that would certainly be in your favor.

Do you have to have tenant's SSN in order to collect debt or file an eviction.

Once you build a relationship with them they may fund 100% of your projects as debt or equity investors.  

Massive debt isn't a bad economic issue if there's something securing that debt (or something liquid capable of securing that debt).