The bigger question is do you have any equity to refinance so soon after closing ? 

Use the bigger pockets calculator to make sure that you're buying a deal that makes sense.Get a contractor that you can trust to give you a rehab bid for the property. 

@Mike RyWhen establishing a LLC under the umbrella of a parent self-directed IRA LLC or Solo 401(k), there is nothing particularly special about that LLC that is required. 

You can look into using a 1031 exchange to defer tax on your capital gains.I highly recommend the first 100 or so Bigger Pockets podcasts for ideas on possibilities for buy and hold, as well as getting a feel for what different people are doing.

Uh, you mean like bigger pockets?

I guess being such a newbie in big multi units, I felt this one was a lot to jump into for the first bigger multi unit in my portfolio.

I am new to the Indianapolis area and equally new to Bigger Pockets and Real Estate Investment.

Boston is bigger than Portland, but point to our recent success and the regulations we put in place. https://www.portlandmaine.gov/2029/Short-Term-Rental-Registration

I've been on bigger pockets for about a  year just studying and learning as much as I can.

I was uncomfortable with that to start (and the bigger the job the more discomfort) and found that a lot of guys will negotiate how they get paid.