I still think there are still things I can do to improve my chances of getting a great first investment.

Capital gain will be calculated as: (Sale price - Selling costs) - (Purchase price - depreciation + improvements + purchase costs)Additionally, the portion of the gain that is related to the amount of depreciation that was taken on the property will be taxed at your ordinary tax rate, up to 25%. 

Hello BP, Our company has a small lot in an improving area of Decatur, GA. 

@Steve Maginnis,No advice on tank versus tankless, as I haven't made the leap to tankless. 

A rental versus a sale unit might need different finish out.I would figure out what that subject area would support your direction the most. 

Refinance it from "foot in the door" financing to permanent financing once you improve it a bit and force the appreciation. 

@Dave Nixon Interesting you picked up on this...small town churches are dropping like flies...I manage large capital improvement projects on institutions...just keep in mind that you'll be working with a lot of different entities, including an architect/designer, engineer, industrial compliance...likely other entities from the government and/or municipality...lots of moving parts.You should be aware of Asbestos abatement and concerns like underground storage tanks...which are very common in all these buildings you are referencing...design and abatement fees may run hundreds of thousands of dollars before the project even starts...Not saying you can't pull it off, just be aware...good luck! 

One thing I may do, is get a few quotes from contractors on roof conversion cost versus flat roof replacement.

I may at some point sell one side off if market dynamics shift in a way that would make more sense for me to sell versus hold. 

I am thinking of the following themes: Abundance, prosperity, improving quality of life/neighborhoods/properties, integrity.