@Mark Butler The strategy is simple and sound. 

The further you go north towards Butler University the better, but good look finding anything in that area.

@Daren H.In a rental property activity, nothing happens as quickly as snapping your fingers.  

@Rajesh Shenoy - My business partner and friend, @Wendell Butler, moved to Charlotte a few years ago and knows the market well.

@Daren Weintraub I am still a bit unsure as to how I would handle this going forward.

Originally posted by @Daren Card:This is a great question and thread!

@Adrian Butler it's a good question that has been answered many times :)Yes you have to pay taxes.

@Daren CardI applaud your thought process and your goals.  

I don't even make a claim to knowing much about taxes.Yes depreciation you can get added back.That's fine if you owe a bunch of real estate.I know people with credit in the 800's and money to put down and they simply can't get a loan.Sure if they look hard enough they can get a trash loan at 10% interest but people with credit scores like this simply won't pay those rates.Some are nearing retirement and going to places like Costa Rica.You can get a house that would be millions here for 500k and get a butler,maid,gardener for a few hundred a month.

If you aren't opposed to college kids- you have iupui, U of I and Butler.