Also, make sure you check if any local licenses or permits are needed for real estate investing.If you’re comfortable with the process, doing it yourself can save a lot of money.

Engineering , permits , stormwater management system , clearing , reforestation fee , sediment control , and landscape bond , all this would run you around $175K .

Furthermore, have you considered and run the numbers assessing renting the units as an STR if permitted in the neighborhood and County/City? 

We find it highly unlikely that the Legislature, having demonstrated its strong commitment to the protection of tenants from unjustifiable evictions, would have intended to permit the eviction of an exemplary tenant solely for the reason that the federal government has found her qualified to participate in the Section 8 housing program pursuant to which the government pays a portion of her rent. ”)

Have you accounted for all closing costs, permit fees, and other transaction expenses in your budget?

2) Call the City Building or Rental Dept to see if it has a Landlord/Rental License and if there are any outstanding tickets or permits.3) Highly recommend hiring an agent, familiar with rental property transactions, to create a purchase contract.- DM us for one that will do for flat fee.4) Highly recommend having property professionally inspected, including sewer camera.

SC Coastal towns have gotten very strict with licensing, regulating, and permitting for STRs.

For instance a zoning attorney or architect may be able to identify properties with favorable zoning or perhaps even change zoning  through a new zoning permit or a use change variance before the property is acquired.

I hope they don't take it further but it seems like if they get their permit fees and inspections, they will be happy. 

Are there permits and special licensing for STRs in Indianapolis?