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We manage three large apartment complexes in two different submarkets in Indianapolis. 

Great tips @Collin HaysAnother "tip" is make sure you are working with a seasoned STR Realtor or your Realtor is conferring with someone like Collin a season STR Property Manager.At least once a quarter someone contacts me (as a PM) and either wants management or wants my opinion on a property and the property is illegally zoned or otherwise unsuitable for STR, although their Realtor is telling them otherwise. 

I’m currently in the research phase for obtaining my first property, and I am looking to gain insight on market trends, investment strategies, and project management.

Bringing in different management 2.

Purchase price: $2,800,000 Cash invested: $560,000 The property is a three-story multi-family residential building with six independent units, initially facing significant challenges due to poor conditions.Renovation Investment Summary:- **Structural Repairs:** $250,000- **Kitchen Modernization:** $100,000- **Bathroom Updates:** $50,000- **Exterior Improvements:** $100,000- **Holding Costs:** $50,000- **Property Taxes:** $30,000- **Insurance Costs:** $10,000- **Management Services:** $10,000

Is this location within their sphere of competency or ability to low cost manage?

I mean I did it with a team of 6 for about  4 to 5 years and we managed 100 deals or so..

Most importantly, learn how to manage it well so you don't squander your investment.

Unfortunately, people in the trades are often good at their trade but poor at managing their business.