Makes your life as a property manager easier, and provides consistent rents coming in.

@Ryan BrayHUD will not turn on the utilities and my guess is you are outside your 15 day window where you could at your own expense provided that the PCR report did not find anything that would prevent it.Your option is to ask your lender if there is any work around such as an escrow for repairs or an as-is appraisal. 

Please note the information provided below is a layman's definition designed to provide a basic understanding for the general audience.

I'd also recommend joining a local Indianapolis based REIA asap. the REIA will provide a group of investors who could get you some contractor recommends if you decide to GC the prop yourself.You said it "needs a little work done" but budgeted $50k so those two things kind of contradict unless the home is a larger home...just curious, what's "a little work", if you haven't had an inspection yet and don't feel comfortable evaluating the costs on your own?

Anyone able to provide some insight or have some referrals?

So even if the cash flow is only 3% or 4% cash on cash, that’s enough to provide a protective layer to cover unexpected items.To me, the cash flow is NOT to put spendable cash in my pocket NOW but rather keep the property self supporting while it increases in value over the long term.In addition, every property a purchase has a cash reserve fund - call it my rainy day fund or my Sominex account (ie I can sleep at night knowing if the furnace goes out I have $8,000 in my reserve fund to replace it.)One final note, I have found once one reaches a certain net worth, cash flow no longer is a concern, there is always as much cash flow as anyone wants.Final note, who will have more cash flow someone with $1M investible cash or $3M investible cash?

The snippet you provided is a bit ambiguous which may itself make it unenforceable.I think your goal should be to get a signed doc from the parties to the agreement saying an STR is permitted under the agreement.

Can you provide some links to threads where seasoned investors are negative about notes?

This implies residential units can be built at lower costs and provide better return. 11) adding an ADU to SFH can make the SFH fall under rent control.

I would be happy to have them move the large storage shed and its whatever contractor provides an acceptable bid rather than city employees doing the work.