A 1-4 unit will qualify for residential mortgages while 5+ is a commercial mortgage.

To qualify, you must meet FHA requirements and have a low down payment of 3.5%.

Finding a qualified tenant/buyer is a function of marketing and terms. 

An idea we have is, I am burnt out from W2 life, and wife makes great money (+$300k) , and I could take the year to repair/renovate, manage, rent, repeat the units in the MF qualifying for REPS status (50%, 750hrs, material participation, etc). 

A good loan officer should be able to show you different options that you would qualify for. 

Others may be able to assist with the Indianapolis specific regulations but most investors focus solely on cost when qualifying and selecting their contractors  but that’s a short sighted approach.

Planning for these expenses will give you a clearer sense of how many properties you can comfortably afford and what reserves you'll need to maintain in order to qualify to afford the property. 

Curious if anyone has had success (or failure) qualifying for RE Professional status with an STR, even if not self managing?

You still need to qualify leads, and the carrier obstructions that come and go can derail your momentum.

Buyer agrees to an assignment of this contract to TowneBank, a qualified Intermediary of the Seller.