They provided the meters that go on every water meter in each unit.

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?

Happy to answer any questions folks have and provide honest answers.

Anyone able to provide some insight or have some referrals?

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.

Financing- build a relationship with a regional banker, don’t shop for interest rates, start small and build history and loyalty they are your team, Cross collateralize, deposit CD/MM or custodial account with bank for loan, give them monthly updates, nail your deal analysis, do stress tests on your deal analysis-cost/interest rate/deal length/ sale price etc. 12.

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?

They said that per California Revenue and Taxation code, they're asking me to provide them info such as the purchase agreement, rent rolls, etc. to assist them in doing the reappraisal of my property.  

That means if you could get $6,250/mo, have zero repairs, zero maintenance, zero capex, zero vacancy, provide zero lawn/snow/landscaping, pay zero utilities, and pay zero management.

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.