If I got a home equity loan for Property 1 and used the proceeds as downpayment for Property 2 and then got a 2nd loan for the remaining 75% purchase price for Property 2, when I sell Property 2, can I use the Property 1 loan as part of the cost basis for computing Property 2 capital gains?

I’m in the process of getting my real estate salesperson license to gain access to MLS listings as well.

To gain investor confidence, ensure the investment property numbers are real, use the most common contract forms in your state (versus a 2 or 3-page) internet/guru contract form) with appropriate addenda, or an attorney-drafted form and attorney-drafted assignment agreement.

They also are thinking of getting a different PM to manage it after they can gain back control but would like advice on doing so.

Looks better for them and gaining a sale and higher property value gives a larger commission. 

So, by the end of 5 years, your net gain will be around $33k ($93k cash pulled out minus the negative cash flow).Looking ahead:Future Cash Flow: After 5 years, assuming a 3% annual rent increase, your rent will rise to $6,955.

Are there other, more cost-effective alternatives to gain similar support and knowledge?

Becoming a real estate agent is a good idea to gain experience, but you could also explore property management, wholesaling, or working with an investor to build your network. 

If you lived there 3 of last 5 years consider the value of exemption on capital gains tax.

You can very quickly gain $1,000,000 doing value-add but to get to a million via saving up cash-flow..... good luck.