I “assume” they meant you wouldn’t defer all your taxes if you used leverage on a $450k purchase instead of “spending” all your cash.

Spending a ton on property management doesn't seem like the best move.

Doing a flip right now thats gone over budget/timeline. 

Focus on areas with strong rental demand, like Broad Ripple, Fountain Square, or near universities like Butler and IUPUI.Maintenance Costs: Indiana weather can be tough on properties, so budget for seasonal maintenance like snow removal and HVAC servicing.Additional AdviceKeep an Emergency Fund: Unexpected repairs or vacancies can arise, so having 3-6 months of expenses saved will help you weather any surprises.Build a Reliable Team: I have lists of contractors, handymen, cleaners and property managers if you'd like me to send.Good luck with your property and future expansion!

I usually provide our budget as well with totals spent. 

And you use a cleaning lady who spends 5 hours to reset the property for the next guest.

We've been reading everything we can get our hands on, listening to podcasts, and spending time every morning reading and learning from the forums here at BP. 

You can spend as little as $100 to form an LLC, or you could use an attorney and spend $1,000 or more.

Quote from @Jack Townsend: I heard David Greene mention a loan product that only requires a 10% down payment on the purchase price and 10% of the rehab budget.

Start by getting pre-approved to know your budget and show sellers you're serious.