Meanwhile during the eviction period, we finalized our architectural plans and started the permitting process in the county so we didn't lose much time.

Grow steady and have a strong foundation.

Cheers to closing out 2024 strong and moving into 2025 with intentionality!

If that's the case I would strongly suggest building your team before pulling the trigger on an Airbnb.

However, like any market, success depends on selecting the right neighborhoods and building a solid team on the ground.In Indianapolis, areas like Broad Ripple, Fountain Square, and Irvington have seen strong appreciation and rental demand, but they can be more competitive.

If there is one thing I would do different is: I would invest Out Of State in markets that had sustained growth, strong job numbers, were safe and desired, and had favorable Landlord laws. 

Since you have no contract, there is nothing that says you do not have to pay if you are not satisfied, and your spreadsheet would seem to indicate you owe him the money.Similarly, since you paid him for previous work on the spreadsheet, and the spreadsheet shows you owe him for additional work, your argument is not very strong.

However, you'll minimal capex/maintenance/vacancy and the overall return after 5 years could be very strong. 

Consider if refinancing after increasing rents could work, and whether MTR/STR demand is strong enough to sustain long-term profitability.Keep as LTR with Minimal Cash Flow: While this avoids a cash outlay, being cash flow negative or barely breaking even isn’t sustainable long-term.

If you had managed to purchase in those areas back then, your cash-on-cash return might look quite different today, especially with rental demand still holding strong.