I would suggest the newbie to research and identify the resources and guidance that are available to them, and hopefully they are motivated enough to put their plan into action in pursuit of achieving their goals.  

There is a lot to take in, and it can be overwhelming, but just take a breath, build a plan, and then take action.  

You have unlimited personal liability for a partner's actions. 

I have advised the sellers that I think the best course of action would be for them to give notice of termination of  their month-to-month agreement with the tenant by the end of this month effective March 31st (this gives the tenant the required 30 day notice).  

I'm going through the underwriting process right now to see how much of a HELOC I can get to leverage the down payment on my first Buy & Hold Property.This process I was told can take 3-4 weeks (appraisal, credit check, etc.).I think I am eligible for a HELOC amount somewhere between $10k - $25k.I'm looking in the Indianapolis market.What can I do in the meantime to prepare myself to take action on a deal?

(I know it is a big if though) I just have a bad issue of analysing and never taking action, since I am a math person and huge with data analysis. 

Take action... no risk no reward.  

take action

I know it takes time, I am just trying to make sure I am on the right path :) You're on the right path if you're taking action!

I think the way it works is that after two years you can start a foreclosure action.