From my understanding, the deed does not actually transfer to my name until the entire balance is paid.

This type of education does not come for free to you since your mentor has paid for his own education over the years.2.

I paid $250K and its now worth $350-360K. 

I think it's a fantastic idea and will be profitable for me given what I paid for the other place.

to renting people that i won't rent the RE anymore in around few months from now, step 4: since loan has been fully paid, i could now legally sell the RE.

It's worth just about the same as I paid for it, so after fees, commissions, etc, I'll basically walk away with $20k if I sell it.I assume if they do the foreclosure, they'll either simply place a lien (since the bank is first priority) or take the property subject to the mortgage (and I guess pay the mortgage?).

2) Why isn't there an option to replace a building at the price I paid for it or similar? 

I’ve been working a regular job and absolutely hate it but it has paid the bills.

2) Just live off of net cash flow that the paid off properties are generating each month?

Both them and AirDna have trials you can check out and see if the information is helpful before you commit to a paid subscription.