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.

There is not a specific type of client that all lenders desire since every one has a different credit box.

Looking back would you do it differently/change the sequence of which account to draw from first? 

@Joseph Turner The funds seasoning period (ie the amount of time the HELOC funds are in your liquid accessible bank account) is different than the ownership seasoning of the property.

The difference between the two is an entire new loan or a second equity tap which will give you whats called a "blended rate" option.