But make sure you understand that lenders will be tighter with their money, meaning higher LTV requirements, higher interest rates, etc so understand those numbers and put them in your long term calculations.maybe 1031 into other vehicles so that you don't get hit with taxes?

If not, and you can actually want to get rid of the house, go ahead. 

Yes, sorry, got ahead of myself.www.homeeondemand.com

Your "PERSONAL" Liability Umbrella is just that "PERSONAL" It only covers you and your properties and vehicles insured by coverage underlying to the Umbrella.

In that case I could just find a comparable unit, rent it and come out ahead.

Working with Companies like Comcast, AT&T, Sprint, NRG, Appliance Repair Services, Lawn Care, And now full time sell vehicles for Volkswagen as well as a fruitful used lot of Audi’s, BMW’s, Porches mostly foreign engineering.

So to me it seems like owner had it rented in 2014, he's no where to be found...property has been seized and taken from bank maintenance company.I called the bank after purchasing the property and they said since i'm not the owner they can't give me a code to open the property and said 3rd party purchaser are responsible to taking possession on their own.I called my lawyer and he said I should go ahead and get the locks changed.

Is there any way I can transfer the whole property under my name and even the mortgage so my partner can go ahead and look for another property.

You are way ahead of most 21 year-olds, but this will not end well. 

Exactly this.Just as some love what they do and want to w2/1099 or would love to go back, true investors aren't limited to just landlording on the RE side, nor are we limited to one industry sector or vehicle in general.