I'd also recommend joining a local Indianapolis based REIA asap. the REIA will provide a group of investors who could get you some contractor recommends if you decide to GC the prop yourself.You said it "needs a little work done" but budgeted $50k so those two things kind of contradict unless the home is a larger home...just curious, what's "a little work", if you haven't had an inspection yet and don't feel comfortable evaluating the costs on your own?

Not every state or city mandates that any landlord has to accept Section 8, because the landlord has to not only subject their property to Section 8 inspections, rules and regulations, they also often have to separately arrange for the tenant to pay the non-covered part of the rent and can face difficulty evicting just based on that.

I don't want to waste your money on inspection, option money, and appraisal money, just to find out the house doesn't qualify for FHA, so I do my best to keep you out of those situations. 

I've heard there can be challenges with inspections and paperwork delays, so I want to get a better sense of what to expect and how to navigate those potential hurdles.

I know a buyer that would offer 10% down for earnest money, but he made it contingent on his personal inspection of the property within X days.

We offered 30K under asking and got it under contract, after the inspection we were able to renegotiate another 10K off of the property due to repairs needed.

For dining chairs, web restaurant store has some really nice fully welded metal chairs that are a single piece aside from the seat and back panels.

Mike, My recommendation would be during due diligence for a potential purchase, ask for past 12 months of all utility bills, property taxes, and any other municipal requirements like rental permits, occupancy inspections etc. 

There are a couple of DIY cost segregation companies that provide you a questionnaire to complete to generate your report.I normally recommend a home inspection and appraisal in hand when completing the questionnaire.The completion of the study is instant.Best of luck.

I have to close, apply for a conditional use verification, get inspection ( requiring wired smoke detectors, other safety features) and get a business license.