For starters, I partnered with a bad wholesaler/contractor on remodeling a duplex in Indianapolis.

Either you do all the work yourself, i.e. no contractors, no managers and no cleaners - or you do 100 hours of hands-on work and none of these other people do more hours than you.

I check for solid plumbing, electrical, and foundation issues. 

Build a strong local team in each market, including real estate agents, property management professionals, contractors, and lenders.

The cost of living and cost of replacing are getting harder with more extreme events.Cost of electricity and cost + availability of water will also start to play even larger roles than they do today, especially in hotter states.

with prices and rates high and good PMs and contractors busy, it's just a difficult time to get started.  

The other key to this property is it has city water and sewer at the lot lines which would obviously be cheaper than well and septic + has electrical just next door. 

We have about $200K equity in our home, both of us are independent contractors / business owners who write off a lot on our tax returns - so I’m not clear if we have to take what we can get or if these terms seem in the realm of normal.  

Start building relationships with local real estate agents, contractors, property managers, and lenders who are investor-friendly.

It is zoned for SR7, a single-family home, but is being sold as a multifamily home since the property was converted into 2- two entrances, 2bed/1bath per unit, separately metered electric.