I am a local STR cohost and realtor as well in Northern utah! 

There are successful real estate investors in your local market too. 

I did try contacting the local  section 8 office but didnt connect to anyone yet who could help me.

Waco, Dallas, El Paso, TXIndianapolis, INPittsburg, PALooking to connect with locals who can help build a boots on the ground team as well.

I am debating using my local lawyer vs. finding a lawyer in the state where the property is located.

In my devious mind, I thinking like you that I hire a parking attendant, install gates and charge an entrance fee if I bought it. 

3) Is this a trend localized to Indianapolis, or is it indicative of a broader national issue?

Median rents in Austin declined about 8% last year, I believe, and sales prices fell about 3% as well.If you’re willing to consider other markets in the Sunbelt, you’ll have more affordable locales to choose from.

It’s also worth connecting with local agents who know the market and can find coverage tailored to your needs. 

Two of the best in the local Denver/Boulder/Springs market who can help you find what you're looking for