In my view, the rules keep you from investing a sizable portion of your net worth on a lightly regulated investment marketplace.  

Check for Superhosts in the area with high ratings and reach out to see if they’d be open to managing your property.When choosing a management company or co-host, make sure to:Compare fees (usually 10-20% of rental income for STR management).Check reviews or ask for references.Ensure they have good local knowledge and can handle STR regulations in Indy.If you need further assistance or advice, feel free to reach out.

Yes, market is volatile, interest rates are fluctuating, but the fact that we can't neglect is that banks are more regulated, lending practices are stricter, and the housing market is not based on a pile of risky mortgages. 

Hard to tell without knowing the place.Then you have to worry about changes to the regulations that could mean your place can't be rented short term.

This is highly regulated.

A great property manager ensures compliance with all relevant regulations, which helps to mitigate risk for the property owner.5.

Saturation/competition and regulation being the 2 biggest challenges.

Mitigation Strategy: Implement value-add strategies like property upgrades, which can allow for certain rent increases within rent control regulations.

Properties in areas undergoing revitalization are especially attractive for investors looking to buy low and achieve high nightly rates.Regulation-Friendly Market: Compared to many other large metros, Indianapolis has relatively relaxed short-term rental regulations, making it easier for property owners to get into the market without facing excessive restrictions or permitting hurdles.

Consider zoning regulations, nearby development projects, and market trends to gauge its potential for value appreciation or rental income.