You’ll be lucky to break even after selling costs.

Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620 (approaching 22% probability of default), many blemishes, but should have no evictions in last 2 years.

Cost a lot $8000 for 12 months.

Are there other, more cost-effective alternatives to gain similar support and knowledge?

Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.

I was wondering if there would be any advantage creating a LLC or business to pay for the renovation costs.

Here are a few things that I like about the neighborhoods in Indy compared to other states: high rent-to-home-value ratio, consistent and gradual city development, relatively low property tax and insurance cost, affordable renovation service cost.

In most single family zoned areas adding a single ADU is not a value add meaning it will not add more value than the hands off cost of the addition.  

Prices are through the roof, Insurance cost have skyrocketed, maintenance cost are up a lot, taxes.

In a situation where you were doing an arbitrage (renting it from the owner, then yourself re-renting it to someone else) your costs to renovate/fix it up while you're using it would be able to be capitalized and depreciated by you once your rental was in service (available for rent to others).