So, talk to investors and ATTORNEYS in your state and find out if hitting home owners in pre-foreclosure is legal and won't bite you later on.The other thing to be on watchout is if there are liens and encumbrances that will get you stuck , because investors will do their own title search and find out the price you assign the house to them is just a part of a larger bill they have to pay to own it. 

I'd seen and been part of several conversations regarding single-color-paint-schemes, and I liked the look and idea of doing it, but after talking with my brother-in-law who owns a successful painting business, and my father, who owned a successful painting business, I decided to abandon the single color scheme.The primary reason behind our choice was what you mentioned.

Hypothetically, if I took over someones existing mortgage subject to and owned the property cause I have the title now, would I be able to get a home equity line of credit or equity loan on that property if it had a good amount of equity?

you answered your own question already.

Owning C class or below property is a whole lot of work and risk.

Many investors offer residential 1-4 unit financing but a vastly smaller percentage offer 5+ units.

Right on @Don Konipol: And another big one is that advertising a property for sale that you don't own, is called "being a real estate agent".

Still own a nice track of land that I will be sold and seller financed to the buyer.  

These are park owned homes that generate really solid cash flow. 

This is pretty important if you own property…but it can also provide assistance for your tenants too.When an area of the country is declared a Federal Disaster Area this opens up Federal Assistance for the residents of that area.