With the details you now mentioned in the second post yes, I can certainly see some difficulty trying to accomplish what you're doing.

Im am sure that there are 1000 ways to skin thIs cat but I just am not sure where to start.

I agree about not letting realtor convince me it’s difficult.  I

I'm trying to keep moving forward and staying optimistic but man is it difficult. yes it is difficultI didn't buy my first property for YEARS because I was just saving money.

You're going to have difficulty getting enough money out of a LOC to do two things with. 

How difficult is the test and what should I be studying along with or after I take the course, prior to taking the exam?

I wouldn't think it would be too difficult. I

I think everything you mentioned @Chris Seveney about the risks with value, condition, borrower difficulties, and potential lien/title issues nailed it. 

Yes there are rules to follow but it's not difficult. I

I have just one tenant who pays in cash now (used twenties from a cash job) and I get all the logistical difficulties, but really...it's CASH.In the brief interim of time between receiving my wad of greasy, stinking twenties in my hot little hand and the moment I stuff those bills into the slot of the ATM, I feel alive.