Looking at real estate practically from that lens what happens to the real value of borrowers debt?  

In my state, the coursework could not be done on line.Real Estate Express was still recommended for their exam prep which consisted of a series of on line exams to practice.

Elaborate on tricky phases and best practices.

I think your best bet is to talk directly with a foreclosure attorney practicing in the state. 

Going forward I  plan to practice  analyzing a listings at least once a night, so the process become second nature.There are several terms that I don't know where they fit in the process i.e.

That's just not good business practice.

We have other commercial real estate investments that are much more practical and managed by family. 

(it costs but its the best there is)                  ii)  Use transunion smartmove to screen tenants                  iii) Use Cozy to manage the rental and accept payments                  iv)  Use a smartlock on the door (Yale or August) so you can allow your contractors in when you need to and                        do showings to potential tenants without being there.Like everything - property management takes practice, trial and error and the willingness to take risks so you can learn a bit faster. 

First, Here is some practical information on cash buyers.

Written by attorney investors, it's full of practical advice pertaining to management of investment property, has sample forms that can be edited, and - most importantly - they tell you what your primary state laws are and where you can read them.