I operate a property management company in Indianapolis, Indiana called Intrigue Indy.

So areas like that are not a smart bet compared with more urban areas.

I take their financials into consideration when determining if I can find ways to reduce operating expenses and increase my bottom line.

Hey @Adam Haines there are a bunch of us operating in the area!

I actually operate a property management company in Indianapolis, Indiana called Intrigue Indy.

I am sure you can find similar properties up there to gauge rental prices and interest but if you plan to use it on popular weekends you may fall short of your expectations.If this may involve many family members I think the first step would be to make sure everyone is on the same page with whether you are going to rent it, when you will be trying to rent it, and how long you plan to hold the property.Many of these seem to be setup in a family trust or Family LLP with an operating agreement which I am sure you can handle. 

Taking on underfunded investment properties can become very stressful financially and emotionally.Remember - if you decide to wade in now "Cash Flow is king" meaning it needs to cash flow when you buy it don't bet on being able to significantly increase the rent to improve cash flow.Good Luck!   

., but as someone with zero experience, would the single family lot be my best bet?

I bet they will market/sell your phone number.

You need to contact the Bureau of housing inspections which operates under the Division of Community Affairs.