In a situation like this, does it make sense to pay off the final rental, or is this a really bad idea?

I'm not sure of the situation but based on the info I would approach this differently.

But also, you'd get a better rate just buying your home with a home owner loan. 

Also I would be curious to know if when franchising through and established brand if a business loan would be more suitable than a CRE loan.

Good morning,  can I get a personal loan as a down payment for an investment property?

People who invest with us mostly want low risk, although we do have some “special situation” investments for investors wanting medium or higher risk higher returns.  

If I was in this situation, knowing only what I know from these posts, I'd rather have the properties in Jasper/Dubois County than Indy/Marion County even though the Indy market has more jobs (i think) and can support higher rent (in some areas). 

I can connect you with one of my Loan Officers and we could look into this more deeply for you. 

I had trouble finding a bank that would do two dwellings and ended up with a loan requiring 25% down and a few upfront points with 7.5-8% interest rate depending on lock in day.

@John UnderwoodMost likely it was a land contract they were buying which also would include assignment of land contractFor deed of trust / mortgage you get the assignment and allongeI know they are coming out with improvements to the site.If you think the buying process is challenging wait till you have to transfer a loan for servicing (not a paperstac issue) but that process is like catching your nails on a chalkboard