On top of that, the profits seem to be higher due to less costs.

Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620, many blemishes, but should have no evictions in last 2 years.

legally, as a cost basis of the house, it should have been included in the closing documents because it impacts things like taxes collected by the state, etc.  

The seller did not realize there is a cost to lock in rates.

The unknown is a big factor that WILL cost you money in the long run.

In the meantime, I am trying to better understand the Indianapolis (Fishers, Carmel) real estate market and considering getting a realtors license.In Indiana, the cost for the real estate licensing course is approximately ~$580 and an additional ~$80 annually to maintain.

If so or if you have worked with permits, please provide more details on cost & time line.

With the problems they have, any landlord doing a criminal or credit background check on these low-lifes won't touch them.

I'm just curious...I'm here in CA, and with the cost of housing, I'm always wondering if my home is too large and if I should be finding other ways to invest my money, such as buying rental property (2 town homes instead of a house for example) and moving into a house later. 

What does something like that cost?