In addition, they will need space in the common areas for their stuff as well (think refrigerator & pantry for food, etc.)No background check will show how clean they are, how they respect your space, whether they are a loud person, or a night owl, who they invite over to stay with them and such.  

I've made many great connections, educated myself on topics I didn't know existed before and have taken actionable steps in my personal investing business that I wouldn't have done otherwise. 

This could get hairy and you would need a solid operating agreement for each fractional owner as to what their shares are entitled to (voting vs non voting), enjoyment of property, etc.

Some you will like and some are very 'pitchy' selling all kinds of classes and junk.Meeting people in person and getting to know them and what they do will help increase your knowledge that much more.

Personally, I'm not a fan, but I could see why some people like it. 

I have seen a few solid, high cash flow LTRs in Houston's sister cities. 

The questions you are asking are far to vague for anyone to have major input or guide you correctly as each person's situation is different. 

You aren't the first person to suggest it, however.

@KiKi Wood Is your person for STR set-up in Indianapolis!

I agree with Jack that assets are great to have, but I could also see the benefits of having that kind of capital to really invest in a solid STR down there.