@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! 

More commonly the first boot is the profit and depreciation recapture stays in the exchange until last. 

Look out for the boy who has to plunge into work direct from the common school and who begins by sweeping out the office.

Nothing strange about it .. very common on commercial buildings atleast in my area and the winters are just as brutal here as anywhere 

To be put on Title after the loan closes is common.

The goal is often common as to buy one at below market price with an opportunity to add value, raise rents, reduce expenses (increase NOI/Reposition it) and sell (or re-fi) within 5-7 years based on loan terms and exit strategy.

In this scenario you would do your normal screening on the new applicant, and write an addendum to add them as an authorized occupant.If you feel comfortable releasing the tenant from the lease you can write a new lease with the new parties and transfer the deposit to that lease. 

This scenario works best for me.

I was in the same scenario. 

I pay water and gas for heat and electric for common area of course.