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!

Our rental is near a very famous one, so we added a free cemetery tour to our listing, if a guest books one month in advance. 

Reverse 1031 Exchanges are more complicated and have higher costs, but can solve these problems. 

EDUCATE YOURSELF - yes, it will take time, but will lead to a selection that better meets your expectations & avoids potentially costly surprises!

And you're proposing to pay the investor a "return" of 6.30%, how did you come up with that number?

Is saving the fee a PM charges worth the potential thousands in cost and headaches?

That alone can free up so many avenues for you.  

Anyone can get 4.3% now in a 100% treasury fund (was 5% until recently), virtually risk-free.

Your 'cost' should include everything, from land purchase, soft costs, holding costs, and hard costs.

TY You have a few different options, but a cashout refi on the free and clear property is probably simplest.