Some wholesalers may take advantage of a new investor and if you back out of the deal with one, you will likely lose your earnest money deposit, usually $5K.Because the FIRST investment deal is so crucial (if it goes well you will most definitely continue your REI journey, if it goes badly you may never want to buy another investment property) I suggest that you first spend a good amount of time (3-6 months or even longer) to educate yourself on how to become a successful real estate investor in the particular niche (house hack, BRRRR, single family, multi-family, wholesale, flip…) that you will pursue. 

If I might lose my job soon, would it be smart to lock in at least a line of credit before I won't be able to qualify anymore?

Sometimes the high cash flow areas are also places with low incomes and not a strong tenant base which can create other problems and costs and in the end still lose money and no appreciation.

If you hold it for at least 10 years, you would probably not lose money.

Cash is great to have on hand, but remember that cash is always losing value when sitting in a bank or under a mattress (and this loss is accelerating).

A 1031 will help defer taxes, but you will lose the income source on your triplex 

It’s not as fun when you lose half of your home value, such as between 2005 and 2009.  

I know you cant lose too bad if you find a great deal and hold but is anyone else getting stuck just waiting for the drop that may or may not happen haha.

If your friend subdivides and puts homes on there, they will either gain or lose value based on the current market. 

This is literally the blueprint to failure and losing all of your money.