If you just want to pay it off as fast as possible and assuming you have the resources, then its the matter of finding the loan product with terms that suit you. 

Have any suits been filed or just threatened?

The process has to begin prior to closing.2) You have to use a Qualified Intermediary in order to do a 1031 exchange. 3) Talk with a QI now to learn more about the process and their fees.4) Ground up development of an office building is risky right now unless you are doing a build-to-suit with a signed long term lease in place.5) Financing will most likely be through a commercial lender at a bank in your area.

Other people do not care what they do with it until they own and remodel it, then run the numbers and see what its best suited for. 

NARPM among other organizations have files suit to stop the moratorium.

Purchase price: $14,000 Cash invested: $14,000 STUDIO/MOTHER IN-LAW SUITE CONVERSION.

There are properties that have mother in law suite additions that could work.

So my attorney gave me guidance to file a small claim suit to the seller.

Think Hyatt House, Residence Inn, TownePlace Suites etc.If you keep it as a hotel/motel, just realize it is valued differently than apartments.

Purchase Price = (ARV*.70) - Rehab costsPurchase Price = (125,000*.70) - 70,000 = 17,500Math is not my strong suite.