The bank also wanted the church to maintain “compensating balances” in their checking account.We had an existing $650,000 mortgage secured by the property, which had been paid down to $615,000.  

It cannot be covered in a few posts but to help you get started top left is a tab, LEARN check that out, and BUILD YOUR TEAM, just for starters; you must know how to underwrite your properties, and local laws.You are in the right place, check out some podcasts and read some books.

Add on regular amortization and I’d have right around 15% equity after 3 years.

NC general statute states the following:- when this refers to a "trust account," does this indicate an actual trust or a checking/savings account labeled as a trust or escrow account? 

The majority owner should be required to sign reps & warrants at closing to be personally liable for them.You didn't mention checking the plumbing - hidden plumbing leaks can cause more damage over time than just about anything else!

Then find out if rules were to ever reverse, do the CC&RR's have a clause protecting existing rental permit owners so they are grandfathered in despite any changes in the future.Also, check the OTA's to see if anyone in this desirable lake location are advertising their 30+ day rental.

You always want to make sure the guest has actually paid before sending check-in instructions.

I regularly argue that Dave Ramsey provides excellent, sound, time-proven financial advice that everyone should apply to their personal finances.

Also check out the various meetups on Facebook or meetup.com.

Look at ways to pay, build a team, start with something small, check everything carefully, move forward, and keep going even when it's hard.Begin with a small property or an easy project, aiming to learn by doing and slowly grow your holdings.