Everything you posted is correct except your definition of “profit” unless you only paid $140k.

With experience spanning nearly every aspect of real estate—except direct title work—I’ve had the opportunity to work closely with many talented vendors in the Indianapolis area.Today, I’m on the vendor side at Trojan Roofing Company, where I continue to serve the local community.

(I also had to come to CA for health reasons, so I am not sure if that is an exception)- If I use any of the above, can I use a portion of the money to pay off personal debt?

I highlighted two common exceptions in my earlier post, but doesn't sound like either scenario applies to your case. 

I do not know him except for in this course, but Lee Arnold seems like someone I would like to work with.Again, not promoting anyone or anything. 

Multiple offers are now the rare exception, not the norm.

@Aaron Raffaelli we call all the cities that touch Detroit, the Ring Cities - except the Grosse Pts.These cities are mostly Class B and are solid rentals.Detroit overall has gentrified to Class C, but at least a third of the city is Class D still.Check out the interactive map on our website and watch for whats coming...

Spread your eggs between multiple pockets rather than everything into one property that may or may not appreciate and cashflow as you forecasted.The only exception that rule would be in Austin, if you live there, or in Phoenix AZ just because the growth in the Phoenix metro is so strong and you can still cashflow there. 

Thanks - will likely have to be an exception but definitely possible since the story "makes sense" from a lender's risk perspective

Often times, if title notices there is no obvious access, they will note that as an exception on Schedule B.