If I were in your shoes, I would check the title of the property and be sure it is free of liens or encumbrances, then I would take title through deed, then and only then, I would collect the instructions on making payments to the lender directly.I did one of these where I was able to negotiate the 2nd loan down to about 25% of the balance and paid them off and only had to refinance the first (when I wanted to) and still have this duplex years later.  

I know everyone in my shoes is likely asking this question to themselves, but I wanted to see if there is anyone out there willing to work with me to help identify ways I can make some progress. 

Lindsey, I'm in the same shoes like you trying to develop a small tract in the Charlotte, NC Metro area.

Typically, the worst case is you have carpet and have to replace it all because the tenants never took off their shoes.

If I was in your shoes I'd probably 1031 it, especially if it would allow me to learn the process so I can be better prepared for future transactions.

Remember, every experienced investor was once in your shoes.

I wouldn't though because you wind up prob spending at minimum the same and tons of time.Me in your shoes....

Steve Babiak - what strategy would you use if you were in my shoes?

I find myself in similar shoes as you, but BP has been an absolute godsend!  

I’ve spoken to hundreds of investors in your shoes.