Now transformation of $\mathbb{R}^n$ to $\mathbb{R}^m$ for $n > m$ is an onto function.(Or at least is what I'm understanding).
By definition, for an onto transformed vector b there is always a pre-image of b for which there exists a unique A-1 , let the pre-image be x
Again, By definition of onto functions(or transformations), two vectors can map to one vector. So, let a != b be the two vectors.
But if there's a unique A-1 but there are two vectors that map to the same b, how are both of the pre-images found?
I am a bit confused by the question too... However, I try to answer as well as I manage.
It does not have to be. For example the linear mapping $\mathbb R^2$ to $\mathbb R^1$ that sends everything to zero is not onto. That transformation is described by matrix $\pmatrix{0 & 0}$.
By definition of onto mappings, every element in $\mathbb R^m$ has a preimage, but not necessarily unique. That is not even possible if $n>m$ and the mapping is supposed to be reasonable (for example linear, or continuous).
That can happen. But just the fact that it can happen does not necessarily mean that it will happen. However, it is true in our case of $n>m$, so that part is essentially correct.
There is not an inverse mapping, since the pre-images are not unique. For any $b$ there are not just two pre-images but infinitely many of them. You can find them by solving the equation $Ax = b$ using, say, Gaussian elimination.