Here's exactly what I'd do in your shoes: 1) Build a solid team -- Agent, PM, Contractor, Handyman, Lender (all local pros)2) Invest in a Turnkey Duplex or SFR just to get your foot in the door and learn the area3) Then, with money left over Invest in a BRRRR and recycle that money indefinitely as assets appreciate / force appreciate4) Acquire a large fleet of Indianapolis rentals as the city continues to expand. 

I try to use the same colors in every rental so we always have leftover for touch-up jobs without maintaining 30 different cans.

Then you’d still have $100k leftover in which to build your real estate portfolio.

I can buy  5 more properties with 30% down and still have a decent bit left over for repairs and expenses.  

If you're doing a 1031 exchange, you have to buy a property for the full sales proceeds or you will have to pay taxes on whatever is left over.

The leftover cash flow will then go to the LLCs bank account (or the umbrella bank account, if you've chosen that structure). 

  - If your parents cross the 45-Day threshold with identified properties, then buy one or more properties but still have cash left over in their 1031 account, they cannot get their remaining funds back until Day 181 unless they have purchased everything on their ID list

After all of my expenses, I had about $100 left over. 

Not finding any great deals yet though and the payment and holding fees wouldn't leave me with much cash leftover.

Monthly HOA made sense, and I was happy with what was left over after covering all expenses.