An effective strategy can be to obtain (at a discount) an assignment of the 2nd mortgage holders rights, and similarly to obtain a subsequent assignment of the 3rd lien. 

The title issue seems to have been ironed out, the bank has already paid for title work that is updated for settlement, that cost goes to costs of obtaining the collateral and it's already paid for.

Oh and after I obtain my License & whatnot, Soon I'll be seeking an Intern Position so that I can gain that hands-on/ one on one experience!

Fnma and other government entities as well as banks are exempt from disclosures regarding the sale of properties obtained through foreclosure. 

I appreciate your help-I guess my concern is, if I ran across a potential project.......and needed/wanted to get it under contract quickly......could I do so confidently, knowing that I could obtain financing for it within a few weeks or a month?

Building multifamily units isn't for the faint of heart as it generally requires more capital, reserves, and experience to obtain financing.

If you have obtained a portfolio loan, do you mind sharing the process you went through with the lender? 

In the afternoon.You don't have to be a cheapskate forever, just long enough to put together EM, reserves and obtain some assets.

The 20% down payment can be a real challenge when the average property is $650k+It can be very tricky, especially for younger people, to obtain the 20% down payment.

@Thomas Sutton Yes, I am definitely keeping an eye out for duplexes and might have to comprimise by obtaining a duplex rather than a triplex or quad.