Seller who had been on the property and had gone through divorce.

Practice with real listings in Indianapolis and focus on market knowledge.

This other thread was more focused on the initial subdivision and purchasing process.  

You're essentially buying into a partnership with your friend with the partnership owning and operating the property.Now, the financial side of that gets more complicated and would generally include an advanced proforma/financial model that includes a GP/LP equity waterfall schedule that is based on how you and your friend agree that you will pay her and also share the profits.I assume that won't make sense to you right now, but I'll send you a DM.

Also, consider connecting with local real estate meet-ups or online communities like this one!

I plan on holding this home long term due to the low interest rate (2.75%) and renting it out long term to cash flow and build equity simulataneously.

@Sharad BagriI would open a bank account at a local bank or credit union that will lend on the properties you are buying.

It is big impact on short stays and less impact on longer stays. 

Low salary, low on funds, low on knowledge.

You will be able to take advantage of it in a SDIRA if the syndication also has taken on debt and therefore passes UDFI on to your account.