However, it's currently not generating any income, and my family is divided on what to do next.

On the plus side, lenders review that as well as they will look at the size of the congregation, giving strength, as well as other sources of income. 

To provide clarity about my situation, I am currently job transitioning and would greatly appreciate insight on building a portfolio with income limitations.

Most lenders will want to see at least 2 years of steady income, and income from part-time work or your own business can help to strengthen your financial background.

It’s a condo with short term rental income. 1 is the cottage we move into when we rent the house we live in for 2 months over the summer when the kids are out of school. 

I started my STR last year in Sevierville and thought it would just be passive income as we had hired a pm. 

Most investors walk a building, identify windows and other benchmarks and rely on these elements in coming to their own conclusion on unit layouts and unit count.

Look into setting an S-corp to potentially reduce self-employment taxes and Section 199A qualified business income deduction

It's crucial to align this decision with the nature of your income sources and their respective tax treatments.

We have 2 W2s( Me+ Spouse).Have a primary residence SFH and 2 rentals.I have around $40K of rental income after all the deductions/depreciation.This time I used a CPA and I am a sure he tried his best to get all deductions possible.