Work on a top producing team.  

Some produce excellent cash flow north of double digit interest, others are more conservative and produce less.

I've got the personal, professional, and educational background to head into real estate, and I've learned from some of the best, even though most of it has been tangential to my day job (which has involved working regularly with real estate investors for the past fifteen years).

Manny explained it well.In other words, if your building (say it produces $19,000 in NOI) and it's in a "D" area (say cap rate of 10%) and if you find a similar building in an "A" area (with a cap rate of 5%) that produces the same income ($19,000), investors are more than willing to pay DOUBLE the price to get that $19,000 income for a building in an "A" area vs. the same income for a building in an "D" area. 

I also see a space where I can select that this is an income-producing property.

I also see a space where I can select that this is an income-producing property.

His property owes probably over 200k in late fees and regular payments. 

If you apply the cash flow to pay off your mortgage you not only are accomplishing your goal of living in a clear and free home, at the same time you are paying off an income-producing property its a win-win.

I always recommend at least talking to a few local lenders in the area you are looking at because they regularly have better rates than the national banks. 

I have a full time regular job.