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

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.

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.

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?

From what I’ve seen in Bloomberg, it also doesn’t hurt to keep tabs on any shifts in local buying trends.One more thing I’d consider is the exit strategy.

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

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

Generally buying in nicer areas leads to better experiences and confidence in your investing, but lower cash flow when you move out.