really as simple as that.now there are credit card schemes some will charge you money for .. that get you to all at once grab a bunch of credit cards that have teaser rates of 0 interest with the idea that you can flip before the first payment comes due... but getting a bunch of credit then maxing out the cards will crater your score.. so be careful there and if you have an issue with what you used the funds for you now have a bunch of consumer debt at high interest that could bury you.. so be careful.. there are no Zero % loans and for most starting out its even hard to get a HML.. which will be 16 to 14 Apr with at least 20% down plus points and fees

We have school debt, and a car loan, but otherwise no other debts.  

Some credit card debt (will I need to pay off completely before getting mortgage?)

The buying power of your capital is much higher when leveraged with debt.

If you can prove your properties are stable and significantly cash flowing, it could be enough to get that loan; especially considering that you have no other debts from the sound of it. 

What is the possibility/likelihood that personal debt could be attached to a flip project as a lien?

I have about $50,000 in debt including my car payments which is probably the biggest debt.

With a title search/insurance you don't have to worry about assuming part of someone's debt, unless your contract specifies you will.

@Jeremy McClure It all depends on your monthly DTI (Debt-to-Income) to see if you can borrow from a bank again.

 * If the seller has debt on it, then it's also an easy way to find a bank crazy enough to lend on it.