And of course being in a first position loan is ( everything being equal) the safest position if the collateral has been valued correctly..

Personally for what people charge for these programs I would say you are 1000x  better off taking some courses at a local college, getting a degree and working in real estate to get paid for experience and then do real estate on the side for your own portfolio as well.

I have spent the last few years reading many books on real estate, taking real estate courses, researching, saving as much as I could, investing (to increase my purchase power) and finally feel I can begin my real estate journey this year. 

Subject to tax liability on the gains of course, but it gives you more flexibility.  

Of course.

I just completed my 20 hour course for my Illinois Mortgage Lending License and the final step is taking the state exam.

“Depreciation” is a wonderful tax benefit over the course of 27.5 years, but unfortunately, it isn’t a tax break per se, merely a deferment. 

i would speak to your cpa, as you may be able to get all or most of the gains tax free if they lives in it two of the last 5 years. vs what you can get if you rent it outof course consult with your cpa for tax advise

Of course, with all things, the answers to all these matters will depend on the circumstances.California tends to have more laws on the books and requirements and restrictions that it can be a good idea to form a CA LLC for out of state property so that you as a CA resident are covered, and to try to have your contracts fall under the purview of CA courts.

Of course, if I was a bad boy, just let me know what I got up to that caused the issue.