Here is a link to the code that reads as such: IN CODE Section 25-34.1-3-2.(3) section 11 of this chapter;no person shall, for consideration, sell, buy, trade, exchange, option, lease, rent, manage, list, or appraise real estate or negotiate or offer to perform any of those acts in Indiana or with respect to real estate situated in Indiana, without a license.- See more at: http://codes.findlaw.com/in/title-25-professions-a...Here is a link to all Indiana codes for anyone interested: Indiana Real Estate Commission Laws and Regulations.With that being said, if you're considering a manager/management company here in Indianapolis, you can check to see if they are licensed here: Indiana Professional Licensing Agency.From the IPLA site, you can search both an Organization or an Individual.  

I would also add taking into consideration how recently updates have been made. 

Mitch was running a special on his course for $297, but I didn't pull the trigger for personal reasons. 

The sellers appear to just want out so there is a considerable discount.  

Another consideration is a vacant/burned-out lot next to your house will not be advantageous.

The price I negotiated takes those renovations into consideration.

The only thing I am unsure of, and you want to consult your CPA or whomever it may be, if you can write off the remaining balance when you sell or 1031 in 2-5 yrs like you mentioned.For me, my strategy is long term and I have extra cash on hand, so I personally always take into consideration of buying down points.

Stuff moves fast around here, so be sure to understand your buy box, rehab and exit strategy and, perhaps most importantly, be ready to pull the trigger when something fits because chances are if you like it, someone else will too.

Get pre-qualified, do all the prep work, and if everything lines up then start looking for a great deal ... if you find one, pull the trigger ... if you don't, don't.

Just to clarify, it's a little easier in my situation because I don't use mortgages to purchase the properties, so I can get some great deals and pull the trigger fast.