I also would like to get myself in a position in the next few years to be able to make cash offers and only use bank financing when I have to. 

Check with your county's website.

If the HOA can recoup 6 months assessments due to CO super lien status at a foreclosure auction, if there are leftover proceeds they would go the 1st position and 2nd position respectively.

- How can I️ maintain the most favorable position for a property loan in the future but continue to utilize equity ?

The 1st position mortgage probably has a better rate and a longer amortization schedule I would guess. 

Good Day all.   Scott here in Little Elm, TX.   New to bigger pockets and new to investing.   Looking to meet & connect with people who are in all phases of investing.    Scott BeauregardS.O.S Real Estate North Texas

I’m interested in generating passive income through rental properties but also interested in flipping houses from an investment position (I’m not handy at all) - perhaps down the road. 

I have a reading list on my website.

Their website also has some good information about lease options in general if you want to learn more.Another thing you can do is just ask if a seller is willing to do a lease-option, especially if you see a house on the market that you like that has been sitting for a long time.

Is there an alternative, less expensive way to go about this--maybe a website with RE contract templates and the like?