Am I right to assume they are buying REO properties from banks or are they buying from home owners?  

Your last inspection should have caught any major issues assuming it was no more than 6 months ago (units should be inspected every quarter).

.- No annual report- No Annual Fee- No state income tax (c corp filing for tax not s corp pass thru)My question is basically, will I need to file biennial in Indiana if i register as foreign entity in Indiana (I assume this would be necessary to have a rental property with income in that state)I am less worried about the fee's for registering, but more curious about ongoing maintenance.From my perspective, if i have to spend a bit more money to register as a foreign entity in Indiana, but I don't have to file each year, the extra cost would be worth it to keep this thing low maintenance.Any thoughts or suggestions welcome.Thanks!

Assuming your valuation is correct, you would need to purchase it at 192K if you want to get your money bank.

I assume 40-50% of income goes to expenses (maintenance, T&I, management, CapEx, HOA, fees, etc.). 

I assume you want something more entrepreneurial though, so you're back to podcasts, youtube, books, or becoming a guru.

#ip1 (Income-Expense-Monthly mortgage payment)+annual principal/(Downpayment+addition cost for buying+renovation)#ip2 (Income-Expense-Monthly mortgage payment)+annual principal/(Downpayment+(addition cost for buying+renovation/amortization of assets))Note:1)assuming additional cost for buying+renovation will be amortize over a period of time?

I'd go for the cashflow if the loan payments are manageable on your current salary (assuming they are as you've managed to save enough to pay them off). 

Assume 50% for expenses, you will usually be within 10% of that when all is said and done.

The CAM mgt fee would add on $10 assuming 10% CAM mgt fee.