I understood what you meant by "Cardone University" and completely agree that it's beyond fishy to put on one's CV a degree from one's own "university." Even if it's accredited to offer a degree, which would surprise me, it reminds me of one of my dad's jokes:

In a Jewish "shtetl" (small town in East Europe), a young mother asks the rabbi, "If the chicken I cooked for dinner falls into the baby's potty, is it still kosher?" "It's kosher," answers the rabbi, "but it stinks."

As for being mortgaged, I suspect very few people are like you, owning free and clear lots of rental properties. Most are likely mortgaged as far as the banks will allow, so they can increase the size of their property portfolio faster.

As long as the music keeps playing, everyone is fine. When the music stops, some get left without a seat. Or as Buffet famously said, only when the tide goes out do we see who's been swimming naked.

I believe Dave Ramsey was a poster child for this. He was a multi-millionaire property investor in his 20s or 30s, and then things fell apart and the banks reposessed all his properties. Now he's made himself a multi-millionaire again, this time by selling the notion that all debt is evil.