Kim here at MAREI - and coming to a MAREI meeting is a great place to collect with area vendors in Kansas City - the owner of Fountain city is was a local investor who came to town, built a local business and his portfolio. 

You will have some costs here (either attorney, title company, or notary for a table top closing plus other expenses).

4. if i want to make the house look good and put a big fountain out in front do i need to get a permit for this?

It happened in fountain square... maybe it's not a bad investment, maybe its genius.

Fountain Square...but the eastern part of it that isn't all fancy and nice (yet!)

It has been completely rennovated within that last six months, but I'm not sure how short term rentals fair in Indianapolis, especially if you're not in one of the "hot" neighborhoods like Fountain Square. 

My first STR is about to come online in Fountain square.

Bath Road Cuyahoga Falls Summit 44223Dixon Healthcare Center Skilled Nursing 135 Reichart Avenue Wintersville Jefferson 43953Dunbar Health and Rehab Skilled Nursing 320 Albany Street Dayton Montgomery 45417Eagle Creek Skilled Nursing 141 Spruce Lane West Union Adams 45693Eastland Skilled Nursing 2425 Kimberly Pkwy East Columbus Franklin 43232Echo Manor Skilled Nursing 10270 Blacklick Eastern Road NW Pickerington Fairfield 43147Evergreen Manor Nursing Home Skilled Nursing 924 Robinair Way Montpelier Williams 43543Falling Water Skilled Nursing 18840 Falling Water Strongsville Cuyahoga 44136Grand Rapids Skilled Nursing 24201 West 3rd Street Grand Rapids Wood 43522Grande Pointe Healthcare Skilled Nursing 3 Merit Drive Richmond Heights Cuyahoga 44143Greenbriar Center Skilled Nursing 8064 South Avenue Boardman Mahoning 44512Greenbrier Healthcare Center Skilled Nursing 6455 Pearl Road Parma Heights Cuyahoga 44130Hanover House Skilled Nursing 435 Avis Avenue Massillon Stark 44646Heather Hill LTACH Specialty Hospital 12460 Bass Lake Road Chardon Geauga 44024Heather Hill SNF Skilled Nursing 12460 Bass Lake Road Chardon Geauga 44024Hicksville Skilled Nursing 401 Fountain Street Hicksville Defiance 43526Homestead Skilled Nursing 1900 E.

If you want slightly older homes that could be rehabbed, I would suggest Huntington Beach, Garden Grove, Fountain Valley, or surrounding cities. 

I would recommend around the Fountain Square area!