I encourage you to dive deep into forums, listen to podcasts, and connect with like-minded individuals.

Mystery and fear intermingle into the minds of investors when it comes to properties that are distressed.

Keep in mind this is a self-directed account and most are not.  

What should I keep in mind to ensure I'm approaching it the right way?

I know deals such as this get done all the time, but I seem to have little luck targeting sellers that are motivated enough. 

. - In the unlikely event that you get a lead, A "motivated seller" who will work with an 18 year old to sell their home, is likely someone dealing with death, disease, divorce, or disaster.

So basically in my mind this would not be a great financial move as we be accruing about 200k more in debt if we were to sell one house and take the cash from there and use it as a down payment.

However, you are paying your home off faster, and for those that don't like debt and want peace of mind/SWAN, that's worth all the money in the world to them.

The first one that comes to mind is do you plan to keep working while building your real estate empire?  

Like I said, no ulterior motive.