I would say you’re actually pretty spot on in your assessment of the Indy metro areas.

Thanks Alex, FYI we've actually taken that approach and lived in one of the units for 14yrs before finally moving out and getting a 1 family.

It actually works. 

Many OOS investors set themselves up for failure because they don't invest the time to ACTUALLY understand:1) The Class of the NEIGHBORHOOD they are buying in - which is relative to the overall area.2) The Class of the PROPERTY they are buying - which is relative to the overall area.3) The Class of the TENANT POOL the Neighborhood & Property will attract - which is relative to the overall area.4) The Class of the CONTRACTORS that will work on their Property, given the Neighborhood location - which is relative to the overall area.5) The Class of the PROPERTY MANAGEMENT COMPANIES (PMC) that will manage their Property, given the Neighborhood location and the Tenants it will attract - which is relative to the overall area.6) That a Class X NEIGHBORHOOD will have mostly Class X PROPERTIES, which will only attract Class X TENANTS, CONTRACTORS AND PMCs and deliver Class X RESULTS.7) That OOS property Class rankings are often different than the Class ranking of the local market they live.Class A is relatively easy to manage, can even be DIY remote managed from another state.

It's difficult for me to understand the rules when I try to read the actual city codes and ordinances. 

I have ran the numbers and for me, they check out, obviously I would do more digging if it comes down to actually purchasing this dealSo... my biggest concerns are that I want to get into my first property and if I find an opportunity, like perhaps this one, I don't want to miss it, but the amount of cash on hand is a concern, so I'm kind of stumped. 

Just so you know, 3 years is actually considered to be a very short time with syndications (with long-term running 7 to 10 years or more).So the way you asked your questions, only the most aggressive, nonconservative deals are going to be able to answer them (on things like selling properties after the holding period, capital being returned, properties repositioned).As a conservative investor, I try to avoid those deals like the plague...so I can't answer them.I can also say that I see thousands of deals a year.

I actually thought about getting some stock pantry drawers and placing those in the closet.

I want it to be nice, but i'm not flipping a high end home.This is an actual scope of work. 

When you actually refer deals, which is quite a lengthy process as you have to fill out several pages of information about the land you're referring (not a big deal but it used to take me 1 -2 hours) Vestright takes FOREVER to get back to you.