The bank will want something as a release of liability in selling the note to an individual or non-banking/mortgage company.

It depends on non-SEC 8 market rents for similar properties, the utility estimate for your property, and the tenant's income.

Absolutely incredible in-depth information from an expert in the field!

First thoughts are finding a way for the tenants to use it for a fee, either rent the space monthly or create a space that can be rented on a per-use basis....or possibly rent to another non-tenant individual for office use of some kind. 

The most likely options are exchanging:Life insurance for life insuranceLife insurance for endowmentLife insurance for non-qualified annuityPersonally, I would first determine what type of exchange you want to do. 

I assume in the winter months they would perform well, but in the spring/summer/fall (non ski months) how do they perform? 

We invest in mortgage notes (performing and non performing).

If you have non-Roth retirement accounts, consider converting them to Roth accounts.

but not a lawyer or an expert.

It'll strictly be non-owner occupied?