So they would first payoff the first mortgage, if there is a second then $ goes to the second and if anything above that goes to any other lienholders or the homeowner.There are a lot of people who invest in 2nd mortgages because they are cheaper than a first, but in Ohio (not sure all counties) you have to pay off the first at foreclosure so if you do not have the money to pay off the first you are out of luck. 

Or a personal loan if interest rates aren't cost prohibitive?

Does it really take 60 to 70 hours a week to make little to no money?

i'd pick a market close by, or that you have a personal connection to, or that you visit often.chasing cash flow by itself can lead to negative outcomes - for example, these investors bought in supposed "cash flow" markets:https://www.biggerpockets.com/forums/12/topics/1215726-break...https://www.biggerpockets.com/forums/963/topics/1195280-expe...https://www.biggerpockets.com/forums/48/topics/1137397-balti...hope this helps.

He was a really cool person.

Wondering what are the different ways everyone got the money to put down on a property and the way to finance it?

Hi,Thank you for sharing your experience and insights from being in the private money lending (PML) and hard money lending (HML) space for decades.

If not I wouldn't bother selling as there is an incredible amount of money lost in buying and selling properties, so you have to make sure you have a plan to maximize the equity and actually have enough. 

Something I do with my wife is quarterly money dates.

If you don't look at them before buying in person, you will get burned at some point and regret it.