Speaking as a lender (not investor) with some experience in small balance commercial lending, I can tell you that it is likely going to be tough to find financing most likely as a lot of commercial lenders tend to stay away from churches, although could be more favorable if the building is true retail/office rather than a structure built specifically in the style of a traditional church (i.e. hard to transition to other tenants if needed)

While true student rentals typically operate on a per-bedroom basis, your lender might not favor this approach.

We got judgment in our favor.

Hi @Weronika Jedrak please do me huge favor and speak directly to attorney that specializes in removal of tenants in NJ (particularly the county you are in). 

So I thought to offer the option of "I will carry the remaining $10k and work out terms favorable to both of us."

That's just how successful real estate investing works and all good things take time.Also, another thing to make mention of is that we or anyone else for that fact can't control the leverage that you decide to take out when refinancing or using a HELOC to buy in the first place.So if you over leverage or your loan terms aren't favorable. 

The progression towards more passive income sources, balanced against the backdrop of your evolving investment strategy, can lead to a more favorable tax position.

If this is so I am curious about how that’s not a form of power of attorney surrendering all actions of the procedure to the courts favor and not in the favor of the homeowner?

May the odds be ever in your favor. 

MiSTRA - the newly formed Michigan Short-Term Rental Association, does not support these bills as currently written and testified against it - we did a good job to be balanced and offered some ideas for improvements that could be much more favorable.