the old leases run with the property and are as valid with the old owners signature, as though you had signed it yourself. you can both sign an addendum stating that ownership has changed, but that would be redundant from a contract perspective. more importantly, before taking possession, you want an estoppel agreement signed by current owner and tenant which agrees to the current rents, deposits, and contract terms. otherwise you can take possession and tenant can claim he has prepaid rent for next 3 month or old owner verbally agreed to let him have 5 large dogs.

IF there is a recession not having the house of cards that is debt will put you in the most secure position, however just having the ability to purchase will probably be enough because in a recession sellers would have a harder time selling properties and in a true recession you wouldn't have an absolute ton of competition from cash buyers like the case is now.

I would like to start as a Part timer while I continue to snowball  some of my debt so I can lighten my monthly bill load.

You will, in theory, never have positive cash flow with debt repayment at $416 and expenses at $400.

I'm an engineer by profession so like to get into the weeds when my money is involved.Seems a deed of trust does exactly what it's name implies ... in exchange for a loan, the property owner deeds (conveys) legal (not equitable) title to a trust, giving the trustee specific powers, namely, the power of sale if default, and power to (re)convey when debt is satisfied, and probably other powers. 

Originally we thought they were just the debt collector but they served him papers for a judicial forclosure claiming he owed them almost double what was remaining on his principal due to back taxes and home insurance payments that I highly doubt they have been paying.

A little insight @Brandon Williams, Shorewest pulls data from the MLS's IDX feature, the most up to date data for non Realtors is Realtor.com.3&4 units tend to be in high demand for the casual investor, the debt level is not terrifying, and most owner own maybe 1 or 2 properties, as a diversification play in their retirement strategy, this makes them highly desirable, and pushes the price up.

I did my first deal with a mountain of debt and I was making ~45k salary.

Also, Freddie SBL will not allow secondary debt so your leverage will be your leverage until you refinance.  

Example:Securing Debt on a property with a 1st TD mortgage, held by a Land Trust.Then, Having Interest in the Land Trust sold to other investors, via Partial Assignment of Beneficial Interest in the Land Trust.Jack Shea talks about it also:http://www.jackshearealestate.com/wp-content/uploa...Below are samples of an Assignment of Beneficial Interest in a Land Trust which held a 2nd TD on a Fix&Flip in Sherman Oaks...