A critical piece of info here; what type of property is this? 

I would set up a family trust, if you have a ton of equity maybe you refi the properties into an LLC but if you are locked in with lower rates then I wouldn't touch the ownership piece yet. 

Not surprised about what you're experiencing ,this guy is a piece of work SMH.

If you get a salaried job after college that would be best possible situation as you wouldn't necessarily need the two years of work history.My last two pieces of advice is of course watch Bigger Pockets Podcast as much as you can to learn!

I recently came across an off-market piece of property in Delta Utah.

If we buy this loan, we need to have a thorough game plan on how we are going to be resolving this and understanding these dynamics is key to managing expectations and protecting investments.Sounds like a deal more for someone that buys partial inheritance estates and spends years piecing it together than a note investor.  

My biggest piece of advice is to learn to "get comfortable being uncomfortable"!

In fact, by doing so, you're breaking the lease terms by blankly refunding security deposits. 

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? 

@Sidra Amir I have a needy tenant that comments on EVERYTHING we do at the property from small maintenance issues to having large pieces of equipment onsite for projects.