The risk you run with this model though is you would risk being over leveraged since your using 100% debt, and you would need the property to have a high cashflow amount each month to cover Capex, insurance, debt service, and your normal expenses associated with the property (property management included).

Should the purchase of the property be made with funds from the new LLCs bank account along with all other expenses?

What is your average cost per mow in Indiana?

How are you able to tell what is the average salary of the people who are living in a neighborhood?

Gets expensive, but again, part of the process for Texas. 

Rates around 12-13% on average.

I have a rate of 3.75% Current PITI is 2180 and other expenses monthly are roughly $200.

Proper is a big one, very comprehensive and expensive (we have this), Foremost, CBIZ are others.Many insurance companies now offer STR policies.

If you are going to be rehabbing the property and will need access to the capital for investment expenses, look into checkbook control- a little more advanced strategy.

I took a look at one PM that is more Cosby-centric.  35 properties, and only 167 nights booked for all 35 for the month of May, or about 5 nights average per property.