Regarding building the proprety for $700K, that is a challenge for sure.

A cosmetic rehab is still quite a challenge for the first time.

You also have to be super detail-oriented, focused on continuous improvement regarding the property and guest experience, very in-touch with what it's like to be a guest at the property (and a cleaner of it as well), and focused on technological tools and opportunities. 

And if you dare to challenge anything their Messiah states, you're immediately booted.

Really the main challenge is going to be making sure that your wife understands what she needs to do to document her hours and activities.

Challenges and Opportunities Unique to IndianapolisSeasonality: Tenant interest tends to slow in winter, so try to avoid vacancies during those months.Diverse Neighborhoods: Indianapolis has varied sub-markets.

@Mindy PerryReally doesn't matter what software you pick as long as it has the features you want.Two biggest challenges with ALL software:1) None are perfect, so deal with the tradeoffs2) Most users rarely put in enough time to really understand how to utilize the software.

Look at their finishes and what they offer guests, use that as your baseline, then improve upon it.

Are you a hands-on type that can make improvements to a home or prefer to contract out work?

@Holly Thorsen see above for potential challenges tapping your equity in the rental.You only need 5% down for a regular mortgage, 3% down for an FHA mortgage - so why don't you have the funds?