My grandfather has been a stockbroker for most of his adult life and semi-retired to a part time broker in his home office, living mainly on his own stock portfolio at 37 years old (1964). 

I have bought several properties over last 2 years and I have paused now mainly because of steep climb in interest rates.

There are many reasons we are choosing Indy, but it's mainly just because it comes up a lot as a hot market right now and seems 'good enough' to get started with.

I copied this from a search on real estate ROE:Return on Equity (ROE) ratio calculates the amount of return generated in a particular year on the total amount of equity invested (or trapped) in a property.The amount invested (or denominator) is calculated as the initial investment (down payment) plus the entire increase in net property’s appreciation and the entire decrease in outstanding loan balance incurred prior to the year the ratio is being calculated.Cash-on-Cash Return is a similar calculation, but since the two draw backs of the traditional Cash-on-Cash Return are that property appreciation and principal debt payments are not factored into the formula, Return on Equity adds these two components to the traditional Cash-on-Cash Return calculation.A property’s net equity increase is calculated by determining what the “Net Sale Proceeds after Taxes” would be at the beginning of a year, and then again at the end of the year.

There was a huge storm yesterday and the entire basement and main floor are flooded because the house doesn't have a sub pump.

Not exactly sure what line of work you're in now but as a caveat if you have no other source of income, do not leave your main stream. 

My main objective for signing up is to learn about real estate investing and specifically multi family.

This is how many turnkey properties are sold (aside from hucksters in NJ), and is the main reason why those properties don't appraise for selling price.  

My main concern would be the vacancy between tenants, and cost associated with a tenant moving out like paint and cleaning.   

I would be very careful commercial in small towns can stay vacant for EVER and a Day.just drive through any small town between Dallas and New mexico.. look down the main street.. nice brick buildings 90% vacant then on the outskirts of town a walmart and the associated fast food joints..the resi might work.. and maybe you change the commerical to cheap storage but put NO value in its cash flow would be my advice unless there is some compelling reason you think those would be leased.. if there was demand they would not be vacant would be my thought