If the $50k in consumer debt involves vehicles, boats, motorcycles or sellable 'assets', I want to see Bob amputate these by selling them first to  prove he is serious.  

Let real estate be your vehicle to follow your DREAMS.

I was told by an insurance friend that once I do that, my vehicle becomes commercial and if I didnt disclose to insurance company and became involved in an accident, there could be some problems paying out a claim, etc.Thoughts?  

However if you qualify, the solo 401K is a far more robust vehicle and much easier to own and manage real estate, or notes for that matter.

Clair, my wife and i have been building our Commercial fleet vehicle cleaning company here in Charlestono over the past 4 years.  

Pull cash against a paid for vehicle, be sure and remember you'll have to full coverage insurance with that. 

Hmmm, I'm thinking the motor city could become the BiggerPockets City!  

As a lender, I know I have a lot of vehicles available to investors that are helpful in getting parents to assist their kids in this, and I look forward to sharing my expertise with anyone, but I really want to know what you're finding or have found to be a successful and meaningful learning experience for your kids in this arena.  

I am a mechanical engineer and work for an electric vehicle start up company just outside of LA.

Its like saying I want 3 cars, so grab 3 cars out of the junkyard and put motors in them.