I took a check one time, because I happened to be at the property and was going to the very bank that the tenant was on their way to for the deposit. 75% of our tenants pay electronically online, and the remaining 25% go to a local bank where we have a tenant access account set up and make their deposit that way.

There are a few self-contained guides that you can access here: https://www.biggerpockets.com/guidesAlerts can be really helpful too: http://www.biggerpockets.com/alerts

To give you an idea of costs associated with obtaining a license: RE course ~ $500, state and national exam ~ $200, fee to activate license ~ $200, becoming a member of the National Association of Realtors to access contract forms ~ $500 annually.

My heloc that I was planning on accessing 137k is on pause because our DTI would be too high now that I don’t have a job, technically. 

Make sure there are no city/county restrictions in the area you decide to buy.The next thing you need to address is cash flow. 

The 62k is enough me to get started and would cover a down payment and some light-medium rehab but now that I know there is addition equity possible I would like to have access to it.

I think there are more accessible markets close by (Upstate New York, New Jersey, Pennsylvania etc.), although it will be harder to follow the progress of the rehab on a daily basis. 

I’m looking to hear some thoughts on cutting back on my 401k in order to put more money towards my savings rate and invest it in real estate and other areas where it is accessible to me.

There are a few self-contained guides that you can access here: https://www.biggerpockets.com/guidesAlerts can be really helpful too: http://www.biggerpockets.com/alerts

There could be limitations and time restrictions to renting your unit out.