I don't beleive this is true based on the IRS site stating you don't have to issue a 1099 if you are "not engaged in a trade or business."  

In 6 months it won’t make a difference - perfect example of this business being the “long game”. 

There is less competition now and the saying "Don't wait to buy real estate, buy real estate and wait" ALWAYS holds true!

There's no true data source that aggregate all the data that you look for (at least to my knowledge).

I'm new to the real estate game and wanted to try out the Omaha area since I'm stationed at Offutt AFB.

The name of the game is collect monthly premiums and payout as little as possible.

Banks definitely serve their purpose for traditional loans, but when speed and adaptability are key, private lenders can be a game-changer.

This will be a true turnkey investment, so any insights there as well are greatly appreciated!

One seller was indeed making 90k/year in income however-they will never get a true license. 

I think there are two maybe 3 ways to look at this in my mind.  1) you go into it and bring it all up to modern standards but using that old charm to basically take what is there bring it up to modern standards and rent it out essentially I'm thinking cocktail bar or something trendy like that.2) most banks are on really good centrally located real estate if this is true, then I'd consider it for the dirt, plan to scrape the lot and go vertical with whatever the highest and best use is.3) a kind of combo of the two, if the lot is in a good location and its doable, pull the vaults or other "character pieces" out of the building, scrape the lot, and build whatever is best suited for the site there, but incorporate those historical pieces into the final designs.Is the site near a major retail area?