I have two HML that are years past due (250k each).

I would advise anyone seriously considering buying a laundromat to bring in a technician to do due diligence with you.

Mostly due to the fact my spouse and I agreed on her to have zero involvment in any sort of RE investing (and its our home) I think once you have a good 6-12 months of reserve cash (operating expenses for your own life saved as a back up incase things go bad) save enough liquidity to get the ball rolling on your first invesment.

There are auctions to sell cars, police auctions, tax impounded auctions, antique auctions, etc.

So, if you have 10 units and you are going to pay $1,500 a month and you are working on an active income job, too, this is an easy switch due to the labor mentally and physically (even if it is just phone calls) to get these rentals running as a well-oiled machine.  

Credit is a factor as bad credit may limit options, or may have the lender require you to put 10 or 20 years of taxes and insurance into escrow. 

For tax purposes, rental income is generally recognized in the year you receive it, not when it is paid.

401K loan is capped at 50K and with withdrawal, you have 10% penalty and tax implications.

This would allow you to indefinitely defer all of the tax if you sold, and use the tax you would have had to pay, to purchase something nicer in an area with a greater growth potential.   

Without an ITIN/SSN, I'd be worried about running into KYC/AML violations, fed tax liens, the borrower being deported, lien enforcement, etc.