Quote from @Pearse Cafiero: You want to borrow money to buy a house, but you don't have the downpayment.

Based on that number of units I would expect much higher figures - did you buy these buildings all/mostly cash?

If you buy in a city with limited appreciation, every investment dollar must come from your savings.

Is there a buy out plan?

A landlord policy can be a commercial policy or a personal lines policy.It's the same as asking if you should buy a single family rental or a 1 unit building.Focus on the coverages and disregard the name of the policy.

I know a few investors in college towns who make a killing from buying homes, renovating, then renting out to multiple students per each room.

Quote from @Alex Spivey: I want to start renting as soon as I can so does anyone have adviceYou want to find a place to rent and occupy, or you want to buy an investment that you can rent to others?

Can any investors in the Indianapolis market  please help by referring me to an agent they have used to buy properties that they were satisfied with?

Buy and Hold investing is a great avenue to begin with as most people live their lives off of residual income. 

You can offer to buy the upstairs residents an area rug, but I wouldn't force it on them.