It has huge upside and after renovation could easily fetch $175-250 more per door...possibly $1000 more per month!

Now, whenever you get one, you can move it easily and fast. 

Here is a current breakdown( note the property manager who runs the house breaks the payments down like this)Actually rentedUnit 1 -  1 tenant x 1950 per semester - 2 semester = $3900Unit 2 - 2 tenants x 2,250 per semester - 2 semester = $9000Could easily be rented - this is the second floor of the building.

I should be approved fairly easily for a loan but need someone to help me with the process.

Yes, Indy is a great market AND very active at the moment.As a general rule of thumb, one can't really filter by zip code here since it's very street by street.I would suggest [as always] start off by interview several property managers BEFORE looking at any property.  

The well meaning friends are not legal representatives and their signatures are easily challenged. 

I assume its easily rented by college students but want to make sure I'm making the right decision since its my first deal. 

I would be willing to bet the majority of those who are very successful on BP all live in modest homes with a lot of equity, and drive modest cars most probably paid cash, that they can easily afford. 

Pro: Higher day one cash faux.Con: You need to hop on a plane (or long car drive) to visit your property, which leads to ...Con: You are less familiar with the market.Con: You are 100% dependent on complete strangers to make or break your investment for you and keep your best financial interests at heart above their own.Con: Can't easily verify work is being completed in a quality or timely manner.Con: If problems do arise, it will take you longer to find out and they will grow larger in that time.Con: If something goes wrong that your team can't fix (or in all likelyhood caused) then it is harder to for you to step in to fix it, stabilize the asset, and recover.Con: Lower appreciation and rent growth ... if you think this is speculative and not consistent, then review the last 50 years of price trends in the market you are in now vs the out of state market you are considering.Con: Lower tenant quality.

My understanding is you can pull up to 80 percent of equity on your primary residence and as long as you have 20% on the property you are buying your able to easily qualify there are also lenders that will lend at a higher interest rate but don't care about recorded income.