Based on your financing options, you are going to be limited to 4 units or under, given 5 and over become commercial lending, so no FHA or owner-occupied options.I am assuming you plan on living in one of the units, but to be clear, that will be a requirement for at least 12 months, under most mortgages.You may get other's posting about talking with wholesalers or trying to find off market deals.  

You will most likely pay more than market rate so take that into account.You will then have to get it all furnished which can cost a pretty penny.

These markets are not bad for landlords - they are landlord dreams.

However, availability remains tight, with a record-low vacancy rate of 4.5%.Retail move-ins reached 86.3 million square feet, while move-outs balanced the market at 86 million square feet.

However, those reserves are often most needed in the first year and not having sufficient reserves can put a deal in a bad position and that's where additional risk is created. 

It's called something else that I can't recall at the moment, but they'll know and be able to guide you in the right direction.Since there is a large amount of equity in the rental home, just be sure that your new HOI policy has good coverage and possibly think about an Umbrella Policy or additional insurance coverage to "protect you" vs. trying to reinvent the wheel and forming an LLC just for the one property.SD

Land Use attorneys are usually engaged for large, complex developments (although, again, maybe that's the norm in your market; I'm in California).

And how does one even market the space if you do not even own it yet? 

I’ve been keeping an eye on the short-term rental market here in Indianapolis, and it’s definitely heating up!

My market has a low vacancy rate.