I'm looking into the idea of potentially becoming a real estate investment sales agent after college.

Do some research and you will be fine.  

The more equity you have when you are ready to retire, the more cashflow it will turn into.So you can optimize for two things: higher priced properties with a bigger potential to appreciate (find the sweet spot, don't go too high) and harness more tenants with higher income to pay higher rents (= higher monthly paydown).When you start thinking this way, you quickly realize that today's cashflow is not that important as long term equity.

Multifamily real estate investments, such as duplexes, triplexes, or fourplexes, have the potential to increase total cash flow as they may produce several sources of rental revenue from a single asset.

However, it would provide us with the necessary funds for the repairs and potentially a down payment on another property.

We are doing  online research about the market and decided t invest in these three states, and if we find any good deals we may invest another $200k in the market in the coming months.

I am confused on that part because upon my research, if there is no other lender in the deal, we are automatically gonna be the first lien holder.

Commonly, these proceeds are used for further real estate investment or costs related to the borrower’s real estate business and strictly can‘t be used for personal uses, such as paying off personal credit cards or any nonbusiness expense.DSCR loans are “primarily based on the property,” meaning that the lender evaluates and qualifies the deal mostly but not completely based on the property’s investment potential.

Ideally, it's best to have reserves before acquiring a property as it shows financial responsibility to potential lenders.

Selling a house in a trust, whether revocable or irrevocable, does involve potential capital gains tax considerations, just like any other real estate transaction.