The main downside is being dependent on the HOA—issues like poor management, rising fees, or unexpected assessments can hurt your investment.

They do require these to be done on Primary Residence, and they probably do have a credit component, but may not have an income component to underwriting.

They offer SFRs across the country (1031 eligible) that are fully triple net lease - meaning there's no costs to the homeowner, no vacancy liability, no unexpected repairs and maintenance, NOTHING.

However, expect greater transparency and heightened consumer awareness that has come out of media attention and NAR settlement to impact the listing component of seller agency as well.

Those are old enough to see some that need extreme updating and could potentially have value add component with a decent spread.

Be an area expert on contracts, zoning, value add components, contractors, and so much more. 

Your approach here has definitely given me a lot to think about in terms of spotting hidden value.Curious, with the deferred maintenance challenges you faced, was there anything unexpected that came up during the rehab that you’d approach differently next time?

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!

How do you usually approach unexpected repairs or big-ticket items?

You should be able to find local builders that will finance the construction component of your new build, however!