A church with maybe 2 bathrooms, kitchen, and maybe an auxiliary sink will need a lot smaller service than you building.... 

The biggest hurdle and time sink would be property showings/access in my opinion.

Neighbors might oppose a house changing from a 2-family to a 4-family and this opposition could completely sink your plans.All of this being said, in the Boston area, even if you are feeding your house hack several hundred dollars a month you are doing okay.

@Brian Pleshek  you are your own turn key company  albeit you did it for just one property.anyone is free to buy their own deals then do their own rehab.. its called value add.. you work for it.Turnkey is buying from a rehabber regardless if they are a quote un quote turn key company they are simply rehabbers..they put up the money to buy the asset.. and paid for holding costs.. they put up the money or borrowed it to rehab it.. and they are a for profit business so no they are not going to sell it to you for exactly what they have in it.. your comparing apples to oranges.Just like when I sell new construction we make anywhere from 50 to 200k profit per house.. can you go buy your own lot.. get your own financing and hire your own GC or do your own GC yourself sure you can and you can save the profit your going to pay a building company... happens everyday.Same with rehabbers that sell retail.. retail buyers want it done.. many time they cant get rehab loans they don't know how to.. and in many areas of the country unlike were your at were price points are so very low.. not every has 300 to 500k to buy a rehabber house then sink another 100k into cash and then finally refi.Lost of people can do what you do which is basically use 100k or less to get a house all up and running. 

The city came out and cut it and charged for it, since it wasn't paid, they foreclosed.When i stepped in the house It looked like the people left for a weekend and never returned.fridge was full of food/sink was full of dishes/closet full of clothes/etc. beds/couches/armoire/dressers/old videotel computer/old 3 channel tvsome i was able to sell on craigslist other things  donated/scrappedit was a task getting it cleaned out.

There's a lack of rental comps with this many bedrooms and $2200 is a conservative estimate.I could sink an additional 50k to bring the total budget to $110k to increase rents toward $2750 a unit.  

If I have a large window then I count it as 2 windows.Bathroom sink and faucet: $150.Carpet: $1.80/SqFt.Replace a broken window: $150/pane.Remove an oil stain from a concrete surface: $75/stain.Repaint interior of property: $1/SqFt of living space (assuming the walls are not a dark color which might require two coats of paint).How did I obtain these costs?

Some pockets are great others not so much.  49th and college has some pretty significant developments with the Sinking Ship and some other restaurants and shops..  

In more robust markets, leveraging is far more dangerous since a long-term vacancy or some kind of casualty loss could really sink you.

Details Location: Indianapolis 3 Bedroom / 1 Bathroom Completely rehabbed in 2013, list of renovations include: New decking, new roof, all new joists, insulation, drywall, all new plumbing, all new electrical, new exterior siding, new flooring in all rooms, new kitchen cabinets, new kitchen counter tops and sink, new shower/tub & surround, new vanity, new toilet, all new light fixtures, new tile flooring, new carpets, new doors, new paint in all rooms.