I understand the term "over leveraged" to refer to situations where an investor has borrowed more money than the value of the properties.

It helps you to understand what goes on with managing a property so you can better manage your property manager in the future.So, decide on a market that the numbers work for your strategy.

Just make sure you have full understanding of any implications of using your retirement account.

It's also important to plan the timeline for each renovation aspect to understand how it impacts rental rates, cash flow, and property worth.

One of the things we ermphasize with realtors when we teach our CI classes for realtor boards is that understanding how the 1031 benefits the investor will give you an incredible leg up when you are doing listing presentations. 

Verifying last 2 years of rental history and income extremely important to find the “best of the worst”.Make sure you understand the Class of properties you are looking at and the corresponding results to expect.

This can also help you understand all of the questions you mentioned, while helping establish a version of "track record" that can build investor confidence and trust in you.Finding LPs: what kind of LP do you want?  

You want to look professional, but you have to explain it simply so a non-investor can understand what they will get out of it.

I also received my broker's license tho (solely to become more knowledgeable while making personal real estate investments), but I don't see their logic, so I figured I'd turn to BiggerPockets to help me better understand what's going on. 

I recommend connecting with @Zack Karp to discuss since you want to weigh the pros & cons of paying off your credit card debt and understand how it will affect your DTI & credit score.