If the cash flow of this property could get me beyond what is needed for my cost of living, my current W2 may not be a requirement, and I could make use of my Realtor's license in Indianapolis instead.

It's difficult navigating the home purchase process in general, but a lot of more difficult buying something with costly surprises you didn't plan for. 

there are lots of options with you budget I invest in toledo where cost efficient properties are available in good areas More then willing to chat about it

Settled at $247,900, 3% closing cost credits, and the seller also put in about $3,000 for repairs.

I know a bit about refi, but can you explain more about that and how I could potentially leverage this?

One potential way to get super conservative is to take the least valuable income stream and multiply the NOI by comps for that income stream.

Fourth, we wouldn’t need to take on debt to make the purchase and we’re comfortable with the costs and management of the place given our history with it.If we buy out the relatives, we would likely pay around $295,000, which we have available now.

You would be exposed to doing work without a permit, the cost of the actual permit and, worst case, having to rip it all out and have a licensed plumber/electrician do it again.I've heard most municipalities around my area no longer charge the work without a permit fine.

So, there is insurance to potentially cover this.

PS - I'm looking at building one myself, so happy to let any of y'all use it (at no cost) if you would like to chat.