Repurposing Schools, Churches, and Masonic Halls

[Dave Nixon]

Does anyone have experience repurposing institutional buildings like schools, churches, or masonic halls?

Seems that these are often ridiculously cheap - but I'm thinking the market knows more than I do and they are cheap for a reason.

Churches are often beautiful buildings in great shape, but are very awkward to convert into a SFH or apartments.

Schools tend to be large projects requiring significant resources to remodel into apartments or senior facility and can be either in decent shape or quite run down.

Masonic halls are often very similar to commercial buildings but usually need a lot of rehab.

Also many of the bargains are in economically depressed or low/no growth areas.

But still the price on these can be so low that getting positive cashflow should be easy.

And there may be LIHTC (low income housing tax credits) available - anyone managed to snag any of those?