These will tend to be in hot investor areas anyway, so that usually works out pretty well.

My leases tend to be sticky with tenants remaining for a few years without much trouble absorbing my vacancies so that plays into my decision as well. 

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)

Then it needs to be signed by the Seller and on file, because Sellers tend to “forget” things. 

I can make lender recommendations, but one piece of advice I tend to give is check out the 203k endorsement summary (just google it)HUD each month puts out a list of lenders that have written 203k loans in each market.

I have short term (12-24 month), 5 year, 10 year, and 15 year projection models...sometimes I'll mess around with longer term (20+ years) projection models, but it's pretty difficult to project that far into the future, because there are so many unknown factors--so, the longer the projection model is, the less I tend to believe in its feasibility...My projection models allow me to make more informed decisions about things like: whether to buy or sell a particular property, whether to refi a property, whether to rehab a property, whether to pursue or abandon a particular revenue stream, how to approach rent increases, how to manage risks, what debt to pay down first, whether a particular goal is worth the amount of hours I'll need to work to achieve the goal, what my goals should be, how to achieve various goals as efficiently as possible, etc., etc.A good projection model will show you not only how to reach various goals, but it can show you all sorts of potential roadblocks that could prevent you from reaching goals (as well as potential solutions to those problems).

I’m curious your thoughts on this aspect of multi family, at least in my market & I think this is relatively true thoughout the country, most small multi family tends to be in the city and for the most part in frankly not greats areas of the city (could do a whole nother post on this history of zoning) as cities decline & specifically c & d class areas seem to being hit extremely hard, I wonder if small multi falls into this strange gap where it’s not really profitable for investors but is increasingly unappealing for owner occupants, house hacking types?

The wholesaler gave it an ARV of 275 but I feel all wholesalers tend to be a bit heavy on the ARV price to make the numbers look good. 

Throwing three sets of strangers in a house without a host onsite is a recipe for disaster.Guests who rent rooms tend to cause more problems than guests who rent entire places.

While duplexes tend to be harder to sell retail then a single family for obvious reasons.....