As you read these books, watch the biggerpockets podcasts.

Chris -   some lenders  will not let a HELOC in 1st position.....so watch for this …...most lenders  will not do helocs on  investment  property only on primary residences  ( there may be some exceptions )   …..if these have 2 adjacent tax lots - you prob wont find a lender to lend one loan on both  properties  …..I would recommend  checking with the smaller banks and cedit unions in your area ( n Pierce / s King counties ) good luck

Make sure to watch a lot of podcasts and ask questions. 

The last thing you want is to over-extend and then watch it all come crashing down when the market turns or a disaster hits.

I have an opportunity to make some money by providing a short-term bridge loan, and am looking for advice on what pitfalls or risks I might not be seeing. Sandra bought a property on land contract 3 years ago for $180...

There are some deals to be had (condos downtown, etc), but watch out for PMI.

Of course, you'll have to know your inputs, otherwise watch for GIGO.STR in city of Austin is heavily regulated and restricted - might want to get clear on those regulations before counting on that. 

(or some material they recommend i read/watch/etc.) 

I've been watching the value of one particular house. 

If you would like to get set up on hotsheets to watch the area I would happy to help.