I imagine you are doing this possibly for liability purposes. 

It would help if you studied how your home compares to others and ensured it is priced right.

Does anyone have experience purchasing a 5+ unit multi-family building for the sole purpose of operating it as a short term rental?

Actually I do have  the comparables since every year I have fought with the county to lower my property taxes :)!

I am guessing in Muncie the cap rate is probably 8-12% cap rate so take the NOI and come up with a comparable cap rate to determine the value. 

You can't move just for investment purposes because you can do both.

Condo conversions  usually sell at a higher price point compared to TIC's. 

.🔴 Questionable property comps: Overstated market values or inappropriate comparables may mean they’re inflating expectations.As always, thorough due diligence is your best protection.

In your case looking to larger assets where you can effeciently cost segregate to gather bonus depreciation would be a smart move.Appreciation - Where in the country is the asset class you like growing or going to be growingAmortization of the loan - What sector or even region if you look locally for funding, is going to offer the most favorable lending so that less goes to interest expense and more to pay down of principle.Have fun with a spread sheet comparing these 4 returns from your investment with the type and location of assets you find attractive. 

@Ray Hernandez Totally, totally different experiences and not really comparable.