If, in case of a default, I were to enforce the note, it is my understanding that before taking the property over, I will have to pay off the first mortgage. 

Right now I am analyzing as many deals as I can to understand how this market operates.

As an example, here's what one lender has to say on the matter: Understand your HELOC Freeze or Reduction.I've heard of borrowers who had their credit limits reduced when the crash happened and housing values plummeted, but I haven't heard of it happening to anyone lately. 

So from what I understand different banks will have different processes but why would banks only consider ~75% of rental income for Debt/Income even if tenants pay that 100% every month?

As long as you can resist temptation, I would suggest this...On-line courses are good, but can't replace the classroom because a good instructor can teach you the business as well as guide you toward passing the test.A number of Brokerages will put on cost effective, license training at their offices.Just understand that while there, they will market to you to join them.Good luck...

Not all realtors understand real estate investing, beleive it or not. 

My understanding is that for a SFR, 20% down payment and for MFR its 25% down payment.

I understand this saves money, but it does take up a lot of time.Would I be able to find properties that wouldn't be on listsource or other lead websites?

Don't understand why job growth has risen while population hasn't. http://patch.com/ohio/cleveland/cleveland-jobs-gro...

I understand that 30k in Cali isn't much but this is what we have to work with at the moment.