If a person owns a rental property in IN and if something happens on that property, the cause of action (lawsuit) would go before a court in IN, with an IN judge, citing IN law.

My experience has been that most lenders don’t immediately move on this, many don’t take action for 6 - 12 months.  

Or is it silly to take action in that regard and just save enough cash?

Trying to figure out best course of action with available options. 

It’s ran like a business, not a personal investment.Given the heavy workload I have being the CEO/founder of the wealth management company, my wife has set up a well oiled machine on the property management side, due to her perfectionist drive however, it still means that she's constantly dealing with tenants and toilets and replying to items at all hours of the day and night.

I started my investing journey learning from BiggerPockets Forum as you are doing so I am always willing to help the action takers. 

Start small and aim for properties that cash flow well, even after accounting for taxes, insurance, and repairs.Most importantly, keep taking action!

Most likely the state where the property is located is where lawsuits would be brought if they are something for personal injury like a trip and fall or something of that nature because the “cause of action” arose in that state.

Success comes from consistent action and patience, so keep refining your approach and scaling gradually.Good luck!

Then take action.