I want to know is it more cost effective or easier to purchase the property alone and put it in a mortgage in our name or purchase the LLC from him that holds the property within it.

We don't want a mass exodus in a non peak season for renting.

My recommendation would be to take business classes at a technical college while working/ interning for a company in a field you are interested in.

New occupants will be coming soon, but in a 3 family, i have set of excellent student tenants that renewed.That said, many landlord insurance policies have exclusions for students, so I am trying to gather info on updating a policy to consider the fact that the building is only going to be 33% student occupied.  

ON THE OTHER SIDE, the liability and cost of fencing it in, as I would need to do, is a huge factor... 

., to be honest, if you can't simply explain it in a post, you have already lost a vast majority of investors.  

That’s one of the cons because that money might not be deployed in a deal and it may just be sitting there.

i say that not to discourage you, but so that you have a realistic picture of what to expect.as @Travis Timmons alluded to, you need to be in a strong financial position to even think about starting to invest. 

Adjusted for inflation, the prices of homes in a desirable location appreciate more than average wages. 

I am a newer investor with a duplex and living in a SFH to eventually be a rental.