Our company typically uses a combination of the two, hiring a GC to do most of the work and subcontractors for some of it.

Judge approval is needed for any such move.If the seller files bankruptcy the assets and debts will all be counted.

You got to make RE work for you, not you for it.Remember: Positive cash flow, investment.....not more debt ;)

For now I am financially stable with no debt of any kind and I don't own any property.

Frankly, I have no cash right now to work with and am actually thinking about cashing out of the property I do own to capture equity and pay off some personal debt.

Now years later you have refi costs and most likely higher debt service with a higher interest rate.Don't talk yourself into a deal with special financing.

While doing this I will keep paying down debt and saving. 

A lot of middle class people basically live in debt slavery.

Found this couple who individually has low income but has a decent combined income, no recent issues , no evictions ever, not great credit but no past due bills or collections in last 2-3 yrs ( the wife had collection issue prior to 2-3 yrs while studying), very good rental reference, verified employment reference.

The difference is yours for sourcing and managing the deals.This way you have simple fixed debt on your books and your assets cover it.