I am indifferent to cash flow difference of 200/ month and 500/month, however, I do not want to be in a place chasing long term equity while being negative cash flow.For tax purposes, if I broke even at the end of the year, I would consider it a win.

If you want to use your income to underwrite the loan then you will have a longer seasoning / waiting period as those loans have different rules compared to loans underwritten by the rents / DSCR loans. 

I've included an example below to help illustrate this.So different lenders have different rates (which do vary even for DSCR loans) but these are factors they all consider.See example below:DSCR < 1Principal + Interest = $1,700Taxes = $350, Insurance = $100, Association Dues = $50Total PITIA = $2200Rent = $2000DSCR = Rent/PITIA = 2000/2200 = 0.91Since the DSCR is 0.91, we know the expenses are greater than the income of the property.DSCR >1Principal + Interest = $1,500Taxes = $250, Insurance = $100, Association Dues = $25Total PITIA = $1875 Rent = $2300DSCR = Rent/PITIA = 2300/1875 = 1.23DSCR lenders generally let you vest either individually or as an LLC.

If your loan comes from your builder or if the construction loan comes from your lender (both will have different requirements) and there is a difference between a "one time close" construction loan and a "construction to permanent" loan. 

We have a line of credit that funds the rehab costs.  1, Form an LLC if you have not already. 2,Track all of your expenses accurately.  3,Talk to a CPA about what you need to track and how (Ex:  new appliances for a home are taxed differently than flooring or paint, insurance, Mileage, disposables, tools, etc.) 

However, I've heard many mixed opinions from different professionals.

I've driven by many times in the past, it looks like some differed maintenance. 

You will convert from normal income (rental) to interest income which is taxed differently. 

Each Church is different with respect to design but they are generally more expensive to renovate than some other structure types that may lend themselves better to a conversion.

Simplifying the processes, laws and regulations into a few basic scenarios when in reality each state has a wildly different set of rules, laws and procedures and each county and often municipality has their unique set of procedures within the state3.