Also know that commercial values are determined by the assets existing performance via their financial statements using the NOI and cap rates, which differs a good bit from how residential real estate is valued using comparable sales.

Set aside the full 25k for cash reserves, pay off some debt, perform preventative maintenance (furnaces, etc) or buy next property?

well this one sounds like if the info is accurate money was collected and just absconded with. 

That will likely be a more accurate time.It sounds like you are a planner, which is why you are wanting to ask so far in advanced.

I would like to find a wholesale RTA supplier that offers great value, cost and performance. 

Nothing is holding me back; we already own the house and are performing the conversion.

For accurate tax treatment and to maximize deductions, this is the best place to find answers and professional support.

Does anyone have any stats about how rentals perform in Fort Wayne and Indianapolis?

On the other hand if you feel the stock market is going to under perform the 6.8% (knowing that the average long term gain on the stock market is 7%) then you might consider paying off the notes more. 

It sounds like you'll have well over $100K into it, between down payment and closing costs - is that accurate?