However, if your opportunity is good enough and your tolerance for risk high, sure , why not consider acquiring without. 

NOVA is overpriced, unless you have risk tolerance, capital, and legal know how or darn good attorney on board, to purchase directly through foreclosure auctions.

There's not necessarily any right answer to that question, but rather a matter of personal preference and risk tolerance. 

What is your tolerance for risk/hassle?

@Jason RowlettWhat are your goals and what is your risk tolerance?

As you listen to the podcasts, sort out what strategy works best for your time and personality, as well as risk tolerance; then focus on learning that strategy.

HELOC max LTV's range greatly and oftentimes are determined by property values, credit score and risk tolerance of lender.  

I'd target C or D caliber areas (though B caliber areas would also be fine if that's where your risk tolerance and personal preferences take you) and look to acquire the property with all cash or seller financing and get to free and clear as soon as possible.

There is no right or wrong answer since everyone's tolerance for risk (even if only perceived) is different. 

It all depends on your risk tolerance, how much you're making, and how much you like your job, but unless I was making a lot of money doing something I loved, I would definitely live off the six figure rental income and reinvest at least half of that each year to keep growing the portfolio.