So while yes, 100%, over a long enough timeline real estate at median has always risen, specific neighborhoods have fallen from grace and generations later never recovered to par (inflation adjusted that is). 

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

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.

Can I qualify as a First Time Home Buyer and utilize FHA or similar programs?

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

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. 

Do you still need to use a third party Qualified Intermediary ?  

On the flip side, another client of mine used the premium option and got a highly qualified tenant almost immediately.

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

Additionally, you'll have business income showing up and might qualify for some business lines of credit to tap into as well.