This is some sort of fill-in-the-blank evaluator, isn’t it?

I'd first slow down and develop some sort of subject matter expertise.

Indianapolis hosts a lot of events so people travel into town for all sorts of conventions.MTR market is also strong as we have a lot of hospitals downtown as well as traveling professionals who need furnished housing. 

What sort of advice are you looking for?

This is a complex situation with potential legal implications, and let me preface this by stating that I am not in any position to give legal advice or any sort of attorney.

I've also been doing well with other investments and it sort of took a back seat. 

.) - you should be OK but it would behoove you greatly to get some sort of documentation like a BPO (Broker Price Opinion) of the value now for use later in the refi!

I can shoot you templates on this kind of outreach and how to structure your agreement with them if you're a first timer at this sort of partnership. 

@Nikash RajeshbabuI feel like if your going to buy on one of the islands you could do a sort of house hack.

It is a hold back or proration of sorts for an operating expense.