The third was a self storage program and because I know nothing about that market I learned a ton from it.

If the software is not simplifying your life or making you more accurate, you shouldn't use it.Software does have extremely helpful features like online payments, marketing syndication (click a button and your property is advertised on multiple sites), electronic document review/signing, maintenance tracking, and owner reports.

How is the BRRRR market in Indy?

Step 1 - figure out your target asset class & then your target market. 

What factors influence your decision—profit margins, market demand, or investment strategy?

Lots of good investment opportunities for Section properties in the Cleveland market. 

Some sponsors are mitigating this risk by raising their own pref tranches from their own investor base, thereby giving them control over the terms.In a strong up market it’s likely that rent growth and strong demand will drive up income, thus driving up value, which supports the ability to take out the pref.  

You can charge rent at fair market value and then gift the rent back under the annual gift tax limit.

I visited Fort Wayne this past weekend to research the neighborhoods and get a feel for the market.

@Karolina PowellYou need to find the commercial brokers in your market and opt in to all their lists.