Then a couple years later, discovered that a piece of paper was signed at closing which was never read and in fine print says something about the home being owner occupied throughout the duration of the mortgage... wtf?   

Check out your local Salvation Army, they always seem to have a couple in decent shape for $100 or so....

I think this is generally a good post but, a couple of subjects warrant comment (opinion...which yes, I know how valuable anyone's opinion may or may not be).* In my world (Bank) a "Foreclosure" is a property/loan that has a filed notice (Often referred to as first legal) that a foreclosure has commenced and is somewhere in the foreclosure process between first legal and sale (or post sale redemption).

Do not think you can just start an investment company with 15k (that is reserves only on one property).Work for the next couple of years while you all learn and use your skills to help build the foundation of a future company and leverage your relationship with the alumni to see some of his properties and learn.

My tenants had also been in the property for a couple of years and were under-market on rent (not $1200 but still under).

The non tax-free portion then qualifies for $500k CG exemption for primary residence for a couple?

I have never taken his course, so can't speak to that, but on the surface of a couple Google searches, of the two he seems to actually be involved in real estate a lot more.  

But, i do have a couple of LLC's, mainly for transferring property to children or spouse when I drop dead. 

Couple things to do..1.

You will get kids jumping on beds and heavy couples using these.