The information contained in this post is not to be relied upon.

My plan for this year is to remodel and upgrade the house to then put it to cashflow either via short/long term rental.

If the tenant isn't following the house rules and fails the room inspection then his/her lease isnt' renewed. 

.: @Eric Martinyour post makes sense, but i am just not seeing "cash flow" anywhere right now in the first few years of ownership... unless you're buying with all cash, which is what i think you're contemplating? 

No house is going to be perfect and some things are an easy fix.  

It's also unclear what you're intentions are.

@Alan Asriants this is accurate and thorough.

I am under contract to buy and flip a house that I am paying $615K for. 

Your plan to house hack a multifamily property in Indianapolis is a great strategy to start building equity and learning the ropes with manageable risk.

We plan to stay in this house for more than 5 years unless another great opportunity arises, but maybe it is best to allocate a bigger portion of savings to our real estate investment savings account than our home improvement savings account for the first few years.