However, hearing you say your kids own rentals but went on to work for a company that they really like is encouraging. 

Thanks for responding and the encouragement .

When negotiating with them go over some costs and point out everything that is wrong to encourage them to drop in price

If you are doing this not just as a "2nd home" I always encourage to look at Year-Round travel destinations.

Josh,Thanks for the encouragement!

Thank you for the encouragement, it definitely feels like too big of a project for our first one, but as you pointed out if the deal is good enough vacancies and setbacks shouldn’t sink us.

Thank you for the encouragement Michael!

Not sure if that's a good rate or not if we went that direction.My father in law has encouraged us to go ahead and lock into a conventional mortgage, but my concern there is the appraisal, as the house in its current condition may not appraise for the sale price.

In a podcast I listened to recently, Brandon said that he gets a conventional mortgage and then titles the property in his LLC after closing (they discuss the possible implications of doing so in that podcast).I’m not aware of any local banks in Evansville that will do a 30 year amortization on a portfolio loan, so I’d be interested to hear if you find one.Since you’re new to the area, I encourage you to take a good look at the property taxes and how they’re taxed differently for rental property in Indiana.

Focus on your education, start slow, encourage them to learn, share the why, and include them.