@Ella Marie, I can't speak on behalf of your market, but in my respective market, competition is tough, and the successful fix-and-flip vendors are often full-time operating businesses.

Share a clear business plan with numbers showing expected purchase, rehab costs, ARV, and rental income.

This will help attract more business to the state, keep it coming! 

Didn't she have a plan when she bought it?

Also, if it fits your budget and your business needs a write off BPCON lives up to the hype. 

I had a similar strategy with my first few house hacks: buy in great A & B Chicago neighborhoods....get by with minimum cash flow, and wait...What's your plan for the next purchase Michael?

Your plan to house hack a multifamily property in Indianapolis is a great strategy to start building equity and learning the ropes with manageable risk.

My plan is to maintain the status quo and benefit from annual rent increases and equity gain as the tenants' rent covers the mortgage.

Years in business?

This is really going to depend on the state you are looking to do business in.